2013 Leveraged Loan Volume Already Topping 2012 Full-Year To
USINFO | 2014-01-07 10:37

The U.S. leveraged loan market continues its post-Labor Day romp, recording more than $17 billion in new issuance this week, following up on an impressive $22.1 billion last week, according to S&P Capital IQ/LCD. The recent activity brings year-to-date issuance to $465.8 billion, already topping the $465.0 billion logged during all of 2012.

The full-year leveraged loan volume record is $535 billion, in the pre-Lehman era of 2008. That record seems certain to fall this year, of course. For this analysis, leveraged loan volume is defined as “new-money” deals.  Existing tranches of add-on credits and amendments/restatements with no new money in the transaction are excluded.

As has been the case of late, private equity shops have been behind many of the higher-profile deals coming to market. Blackstone this week unveiled $6.85 billion in loans ahead of the IPO of its Hilton Worldwide property while Apollo lined up a $3.3 billion credit backing a refinancing for Caesar’s Entertainment. Also of note this week, Texas Pacific group launched a $1.4 billion leveraged loan backing a recapitalization of its Aptalis Pharma concern. Part of the proceeds will fund a dividend to TPG.

Loan volume for the month so far is an impressive $49 billion, the most since June ($69 billion) and a major rebound from the paltry $17 billion seen in August).  The hefty volume numbers are being matched by cash inflows into U.S. loan funds. Those vehicles have seen net inflows for 66 straight weeks, totaling some $42 billion, according to Lipper.
美闻网---美国生活资讯门户
©2012-2014 Bywoon | Bywoon