Borrowers announce loan extensions as primary shut-down continues

Spanish gaming company Codere announced this week that it has gained an amendment to its credit lines, the latest sign of an increase in the number of amend-and-extends following the virtual shut-down of the primary high yield market. The company has extended a €100 million loan maturing in October for three years and has increased its size to €120 million. The leverage covenants remain the same. The company said it agreed the loan extension with lenders Barclays Capital, BBVA, Credit Suisse and Houston Casualty Company Europe.

Meanwhile, US packaging company Crown Holdings announced an amend-and-extend yesterday, upping the size of its loan from $800 million to $1.2 billion, and extending maturities from 2012 to 2015.