Issuers Tap Stocks to Pay Down HY Debt

Sheahan, Matthew
March 2011
High Yield Report;3/7/2011, Vol. 22 Issue 10, p17
The article examines the move by several high yield companies to turn to the equity markets to refinance junk bonds or leveraged loans. According to Theodore Koenig, president and chief executive officer (CEO) of Monroe Capital, firms that are active in the acquisitions market will be more careful due to concern over the presence of too much leverage in the market. Jason Lazarus, a portfolio manager with Intrepid Capital, argues that issuers will sell equity now as they are deemed overvalued.


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