Chip-maker's debt restructuring plan angers loan investors
Freescale Semiconductor today launched an offer to exchange $3 billion of its bonds for no more than $1 billion of secured term loans
Subscriber-only article
This article is available only to Creditflux subscribers and free trial users within 30 days of publication.
Already a subscriber? Not logged in? Click here to login.
If you have not already done so,
you may request a FREE TRIAL by clicking here
This trial will give you:
- 4-weeks' free online access to our
most recent subscriber-only articles - Daily breaking news alert sent by email
- A print copy of Creditflux
If you currently have a free trial, you will see this message when you try to view articles older than 30 days.
I assume existing lenders are ferreting through the credit agreement to stifle this egregious restructuring, which increases substantially the loan to value of the secured lenders. This unprecedented move may be a harbinger for other cov-lite deals, so any action to thwart it could dyke the oncoming flood. Also, if the sponsor bought secondary bonds, Mary Shapiro should be informed.
CLOs
- European reset highlights weakness in mezz despite robust senior demand 13 hours ago
- Elmwood prints eighth deal this year 13 hours ago
- Partnership with Jefferies bears fruit as manager returns to CLO primary 1 day ago
- US resets continue as Redding Ridge joins in 1 day ago
- Sycamore resets and upsizes 2023 vintage CLO 1 day ago
Comment by: Anonymous. Posted 15 years ago [2009-04-03 15:51:35]