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CLOs nod through MetroPCS loan extension

Tuesday, July 13, 2010

Various sources report that MetroPCS has completed an amend-and-extend of part of its $1.6 billion term loan B. Around $1 billion was extended by three years in exchange for an increase in the spread from 225 basis points over Libor to 350bp. The telcos debt is widely held in CLOs, making it easier for the borrower to secure the extension, since CLOs are typically more receptive to amend-and-extends than other loan investors. According to Creditflux’s CLO Master, the loans are present in 38% of US CLOs.


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Index
6 Feb
CFlux USD AAA  ↑ 94.9
CFlux USD AA  ↓ 81.3
CFlux USD A  ↓ 75.0
CFlux USD BBB  ↑ 74.8
CFlux USD BB  ↑

72.1
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