Recent amend-and-extend names return to bond market

Companies that recently were obligated to extend loan agreements during the recent shut-down of the high yield primary market have now started to issue notes again. Spanish gaming company Codere has announced an offering of €100 million 2015-dated senior notes, with pricing whispered to be around 9.75%.

The new notes will be issued, as anticipated, under the indenture for Codere’s existing 2015 dated 8.25% notes, which are currently quoted around 96.5. Despite having similar terms they will not be fungible, however, due to US pricing range limitations versus par.

Proceeds will be partly used to refinance credit facilities and other long-term debt. In mid-June, Codere gained an amendment to its credit lines from lenders, extending a €100 million loan maturing in October for three years and increasing its size to €120 million with leverage covenants the same.

Meanwhile, Crown Holdings has priced €500 million of 2018 notes at par and with a yield of 7.25%, having been able to upsize its offer from €350 million. Proceeds will be use to retire the can-maker’s $200 million of 2013 notes, as well as some or all of its €150 million secured notes.

Like Codere, Crown announced an amend-and-extend in mid-June, upping the size of its loan from $800 million to $1.2 billion, and extending maturities from 2012 to 2015.