Boyd Corp offers $530 million discounted loan to refinance after divestiture
Updated
Updated · Bloomberg · May 4
Boyd Corp offers $530 million discounted loan to refinance after divestiture
7 articles · Updated · Bloomberg · May 4
The Florida-based adhesives and insulation materials maker, backed by Goldman Sachs Asset Management, is marketing the debt at as low as 92 cents on the dollar.
Initial pricing discussions indicate interest 4.5 percentage points above the benchmark, reflecting unusually aggressive terms for the refinancing.
The loan follows Boyd's recent $9.5 billion divestiture, and Bloomberg-compiled data show only one leveraged loan this year has priced below 92 cents.
After a $9.5B sale, why is Boyd Corp. offering its debt at such a steep discount?
Does this deal reveal a dangerous risk bubble is forming inside the booming private credit industry?