Bellwether cruise line and energy names ticked higher today after President Trump signed off on a USD 900bn coronavirus stimulus plan and a USD 1.4trn omnibus bill providing funds for the government through the end of the year and avoiding a federal shutdown that was set to begin tomorrow. The stimulus package provides a USD…
Helix Generation repaid USD 66m in loans during 3Q20, a quarter in which its adjusted EBITDA soared 51% year-over-year, according to two sources familiar with the matter. However, the power company provided guidance that was lower than expected for 2021 and 2022, prompting quotes on its term loans to soften by several points, they added. …
Read more Helix Gen makes loan paydowns after 2020 EBITDA growth, but guidance disappoints
Demand for Talos Energy‘s refinancing is coming in steady from investors focused on the offshore driller’s prospects of returning to normalized operations following this year’s disastrous hurricane season and incremental supply chain challenges brought on by COVID-19, according to five buysiders, two desks analysts and two sellsiders. Particularly enticing is the juicy yield offered on the deal, backed by…
Select tranches of a BWIC portfolio containing illiquid debt and equity positions, which circulated the market last week, traded after the Monday (14 December) bid deadline, according to three sources familiar with the matter. The seller of the portfolio is likely Southpaw Asset Management, as reported. One of the securities that traded was 9.9m…
Read more Tribune Resources equity changes hands in BWIC transaction
Windstream’s revenue softened in 3Q20, driven by lower customer bookings in the company’s enterprise business, according to two sources familiar with the situation. EBITDAR further fell as margins in the segment contracted, the sources said. For the quarter ended 30 September, the communications and software company generated USD 387m of EBITDAR, marking a 6% slump…
Clarios (f/k/a Johnson Controls Power Solutions) reported mixed numbers for fiscal 2020 ended 30 September, according to three sources familiar with the matter. The company attributed the lack of growth to the hit the auto industry took in its second and third quarters, the sources said. The power solutions company reported USD 1.522bn in adjusted EBITDA for…
Read more Clarios books mixed numbers for fiscal 2020, beats cost savings target
The yieldy compensation on Service King’s proposed secured loan offering has helped entice investors who foresee a post-COVID-19 turnaround – or strong recovery value in the secured paper if the turnaround fails to live up to expectations, according to five buysiders and two sellsiders looking at the deal. The collision center operator pitched the new…
Service King circulated talk on its proposed USD 700m term loan due 2025 at Libor+ 700bps (75bps floor) with a 98.5 OID, according to four sources familiar with the situation. Nearly half or USD 325m of the term loan is spoken for via reverse inquiry from third-party investors, the sources said. Commitments are due 15 December, one…
Read more Service King sets talk for refi TL, pitches new debt as bridge to turnaround
Service King has tapped Bank of America to arrange a USD 700m term loan due 2025, with syndication for the new facility set to launch tomorrow (3 December), according to three sources familiar with the situation. Proceeds from the loan will refinance existing loans set to come due next year. The new facility, which also includes…
Shutterfly reported negative EBITDA for the third quarter – historically its trough quarter – but the loss contracted versus the third quarter of last year, said two sources familiar with the matter. The company is still facing a drag from the Lifetouch segment because of school closures, but the segment improved sequentially, the sources added. Adjusted…
Read more Shutterfly posts negative EBITDA for 3Q20 as school closures hit Lifetouch segment
Farhin Lilywala 