More than five months ago, the Federal Reserve and Office of the Comptroller of the Currency told some of the biggest banks to improve underwriting standards for non-investment-grade loans. The market is showing few signs of tightening as lenders chase lucrative fees.
After reporting its worst quarterly sales drop in almost 15 years, RadioShack Corp. is as good as defaulted in the eyes of credit investors, according to Moody’s Corp.’s capital markets research group.
The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
Nelson Education Ltd., the textbook publisher backed by Omers Private Equity Inc. and Apax Partners LLP, had its ratings cut one level to CCC- by Standard & Poor’s on the likelihood it will default on a $285 million loan used to fund its 2007 buyout.
A London judge may order Guardian Digital Communications Ltd.’s lenders as soon as today to vote to extend 1.73 billion pounds ($2.89 billion) of loans used to buy the U.K.’s emergency services communications network.
(Corrects loan tenor in second bullet in story originally published Jan. 14) OUE Commercial Real Estate Investment Trust, which made its trading debut last month, is marketing a S$680m three-part loan in general syndication, according to two people familiar with the matter. * ANZ, CIMB, OCBC and Standard Chartered are the arrangers and have pre-funded the facility, the people said, asking not to be identified because the details are private * Facility comprises a S$280m 5-yr term loan, S$300m 3-yr term loan and a S$100m 3-yr revolving credit * Proceeds are to fund co.’s purchase of OUE Bayfront office building in Singapore * Borrower: DBS Trustee Ltd. (trustee of OUE Commercial REIT) * Amount: S$680m (S$280m 5-yr term loan, S$300m 3-yr term loan and a S$100m 3-yr revolver) * Currency: SGD * Loan type: Term loan, revolver * Tenor: 3 yrs, 5 yrs (blended average life at ~3.57 yrs) * Blended margin: 71bps more than Sibor * Fee: 150bps for S$100m and above; 125bps