Two Cov-Lite Term Loans Hit Market

Kellerhals, Richard
November 2010
High Yield Report;11/1/2010, Vol. 21 Issue 44, p22
This article focuses on covenant-lite loans issued in the leveraged loan market during the week of November 1, 2010. Marketing was started by Credit Suisse and Jefferies on a term loan for Sheridan Healthcare, while Bank of America Merrill Lynch and JPMorgan started shopping a term loan for The Sports Authority. Particular focus is given to the price structure of the Sheridan loan. There is a plan by The Sports Authority to use its proceeds in refinancing an existing covenant-lite term loan and buy back a portion of its subordinated debt.


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