Leveraged Loan Original Issue Discount

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Leveraged Loan Original Issue Discount

Leveraged Loan Primer | S&P Global Market Intelligence. CODES Original-Issue Discounts. This is yet another term imported from the bond market. The original-issue discount (OID), or the discount from par at which the loan is offered for sale to investors, is used in the new issue market as a spread enhancement.

https://allspecialcoupons.com/leveraged-loan-original-issue-discount/

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The Return of OIDs In Leveraged Loans

The article focuses on trends in the leveraged loan market. Not only has pricing been flexed up for a number of deals that currently are in syndication or have recently closed, but there also have been a handful of loans in which the banks have granted investors something they haven't seen in a long time: the original issue discount.

http://connection.ebscohost.com/c/articles/17234491/return-oids-leveraged-loans

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Original Issue Discount – OID Definition - Investopedia

An original issue discount (OID) is the discount in price from a bond's face value at the time a bond or other debt instrument is first issued. Bonds can be issued at a price lower than their face ...

https://www.investopedia.com/terms/o/oid.asp

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Leveraged Loan Primer | S&P Global Market Intelligence

Original-Issue Discounts. This is yet another term imported from the bond market. The original-issue discount (OID), or the discount from par at which the loan is offered for sale to investors, is used in the new issue market as a spread enhancement. If a loan is issued at 99 cents on the dollar to pay par, the OID is said to be 100 bps, or 1 ...

https://www.spglobal.com/marketintelligence/en/pages/toc-primer/lcd-primer

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February 2019 European loan market – review and outlook

European primary loans: new issue margins and yields (in euro terms) Source: S&P Capital IQ LCD, rolling three-month new-issue margin and yield (including floor, original issue discount) to 31 December 2018 Overall loan market returns were adversely affected by the sell-off in the final three months of the year,

https://www.mandg.co.uk/institutions/articles/what-are-the-prospects-for-european-loans/-/media/7E25C0A85F394CB180FC815B97A8C4E8.pdf

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Leveraged Loan Definition - Investopedia

Leveraged Loan: A leveraged loan is extended to companies or individuals that already have considerable amounts of debt. Lenders consider leveraged loans to carry a higher risk of default , and as ...

https://www.investopedia.com/terms/l/leveragedloan.asp

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Original Issue Discount (OID) | Macabacus

Original issue discount ("OID") is a form of interest equal to the excess of a debt instrument's stated redemption price at maturity over its issue price. To understand why a debt instrument might be sold at a discount to par, suppose a firm issues a bond with a face value of $100 and a 5% coupon.

http://macabacus.com/terms/original-issue-discount

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Original Issue Discount Loans - allspecialcoupons.com

Original Issue Discount Loan - getsetcoupon.com. CODES original issue discount on loans - allspecialcoupons.com FREE Get Deal Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full.

https://allspecialcoupons.com/original-issue-discount-loans/

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Buyers Of Secured Debt, Beware: Solutia Ruling Shows OID ...

Buyers of secured debt in today's leveraged loan market should take careful note of the Solutia decision, and be aware that the extensive protections and priority afforded secured creditors under the Bankruptcy Code do not guarantee that the full face amount of their claims will be paid if the debt was originally issued at a discount.

https://www.kirkland.com/publications/article/2008/03/buyers-of-secured-debt-beware-solutia-ruling-shows

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Leveraged finance: arrangers focus on flex as market ...

Leveraged finance: arrangers focus on flex as market volatility shows no sign of abating ... (original issue discount) at 97 and average incremental increase in yield during the syndication ...

https://www.lexology.com/library/detail.aspx?g=17907f4f-453d-400b-ab33-6b1897e10604

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Original Issue Discount - Discount from par value at issue ...

An original issue discount (OID) is a type of debt instrument. Often a bond, OID's are sold at a lower value than face value when issued, hence the D in OID. On maturity, the face value is paid out to the investor. The difference received is a gain to the investor, and is effectively the interest paid

https://corporatefinanceinstitute.com/resources/knowledge/finance/original-issue-discount/

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Client Alert - Latham & Watkins

Client Alert Latham & Watkins operates as a limited liability partnership worldwide with an affiliate in the United Kingdom and Italy, where ... the leveraged loan ... has “significant original issue discount (OID),” and has a yield to maturity that equals or exceeds the applicable federal rate for the month of issuance (the AFR) plus 500 ...

https://www.lw.com/thoughtLeadership/ahydo-rules-and-pik-toggle-feature

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Leveraged Loans: With Chobani, Investors Are ... - Forbes

Recommitments to the deal are due today by noon EDT, with allocations to follow. Typically, leveraged loans are offered at an original-issue discount - 99.5 cents on the dollar, for instance - or ...

https://www.forbes.com/sites/spleverage/2017/03/30/leveraged-loans-with-chobani-investors-are-asked-to-pay-premium-to-partake/

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U.S. Leveraged Loan Returns Dragged Down by Market ...

XOJet Inc. recently slashed the original issue discount on its $210 million term loan to 93, down from an initial talk of 99.5, to attract enough investor interest. Market turbulence is also ...

https://www.bloomberg.com/news/articles/2018-12-07/u-s-leveraged-loan-returns-dragged-down-by-market-volatility

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Publication 1212 (01/2019), Guide to Original Issue ...

The original issue discount tables, Sections I-A through III-F, are only available on the IRS website at IRS.gov/Pub1212 by clicking the link under Recent Developments. The tables are posted to the website in late November or early December of each year. ... Loans of $10,000 or less between individuals who are not in the business of lending ...

https://www.irs.gov/publications/p1212

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Leveraged loan price flexes favoring issuers as market ...

The U.S. leveraged loan market continues to trend in favor of issuers, as evidenced by recent price flex activity. Indeed, after an August where issuer-friendly price flexes greatly outnumbered investor-friendly movement, there have been no investor-friendly flexes so far in September. A price-flex is when an issuer changes the LIBOR spread, original-issue discount or LIBOR

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/leveraged-loan-news/leveraged-loan-price-flexes-favoring-issuers-as-market-heats-up

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Original issue discount - Wikipedia

Original Issue Discount (OID) is a type of interest that is not payable as it accrues. OID is normally created when a debt, usually a bond, is issued at a discount.In effect, selling a bond at a discount converts stated principal into a return on investment, or interest.

https://en.wikipedia.org/wiki/Original_issue_discount

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US loan prices fall amid equity market selloff - Reuters

The primary loan market has not been immune to the volatility, with upward price revisions in November, including on spread and original issue discount (OID), soaring to their highest levels since ...

https://www.reuters.com/article/loan-pricesfall-idUSL1N1YB1YM

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Leveraged Loans Issuance Fell in 3Q15 - Market Realist

The US leveraged loans market saw an allocation of $68.1 billion worth of senior loans in 3Q15. This was 59.9% lower than the $170 billion in 2Q15 and higher than issuance in 1Q15.

https://marketrealist.com/2015/10/leveraged-loans-issuance-fell-3q15/

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LPC-St Hubert €270m buyout loan launches for syndication ...

An Original Issue Discount is expected to emerge at the bank meetings, the sources said. The term loan is offered with a leveraged covenant. The financing also comprises a €10m six-year ...

https://www.reuters.com/article/st-hubert-leveraged-loans-idUSL8N1NJ39D

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Capital Structure of an LBO - Macabacus

Capital Structure of an LBO Leveraged Buyout (LBO) Overview Value Creation in an LBO In a leveraged buyout (LBO), the target company's existing debt is usually refinanced (although it can be rolled over) and replaced with new debt to finance the transaction.

http://macabacus.com/valuation/lbo/capital-structure

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Why Leveraged Loans Issuance Was Down Last Week - Market ...

The Ba2/BB-rated loan was issued for seven years at LIBOR + 350 basis points with a LIBOR floor of 0.75% and an OID (original-issue discount) of 99.5. The company expects to use the net proceeds ...

https://marketrealist.com/2016/03/leveraged-loans-issuance-last-week/

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Leveraged Loans Issuance Volume Picks Up in the Week of ...

The US leveraged loans market saw an allocation of $17.5 billion worth of senior loans in the week ending June 26. ... but it was strong in the leveraged loans space. ... (original-issue discount ...

https://marketrealist.com/2015/07/leveraged-loans-issuance-volume-picks-week-june-26/

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A Slice Of MFN With That Incremental Loan - Law360

A Slice Of MFN With That Incremental Loan. ... original issue discount and fees shared with all lenders) is between zero and 75 basis points higher than the yield on the existing loans, then the ...

https://www.law360.com/articles/931447/a-slice-of-mfn-with-that-incremental-loan

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Incremental Facilities – The LMA Approach | White & Case LLP

Incremental Facilities – The LMA Approach. Incremental Facilities. ... In respect of leveraged loans, incremental facilities have become embedded to such a degree that of all the European deals tracked by DebtXplained in 2015, only 1 per cent did not contain an incremental facility. ... and primary syndication original issue discount) that ...

https://www.whitecase.com/publications/alert/incremental-facilities-lma-approach

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Pipeline Risk in Leveraged Loan Syndication

Pipeline Risk in Leveraged Loan Syndication Max Bruchey Cass Business School Frederic Malherbez London Business School and CEPR Ralf R. Meisenzahlx Federal Reserve Board June 16, 2018 Abstract Arrangers of a syndicated loan need to elicit investors’ demand to place the loan on the best possible terms.

http://faculty.london.edu/fmalherbe/pipeline.pdf

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Latest in European Leveraged Finance – Incremental ...

for an acquisition, a “no worse off” concept has often been included, which enables the borrower to incur the ... original issue discount. The latter are converted into an annual interest rate using an ... Many European leveraged loans will have margin ratchets, and for the purpos-

https://www.clearygottlieb.com/-/media/files/alert-memos-2018/latest-in-european-leveraged-finance-incremental-facilities-and-mfn.pdf

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Corporate Acquisition Issues - Journal of Accountancy

Corporate Acquisition Issues BY EDWARD J. SCHNEE. Related. TOPICS. Auditing; ... Tyrone Cruze. Jordan structured the acquisition as a leveraged buyout with a covenant not to compete. To obtain the loan, Jordan gave the lenders warrants to purchase stock at $500 per share, the current market price. ... , creating no original issue discount (OID ...

https://www.journalofaccountancy.com/issues/2000/oct/corporateacquisitionissues.html

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Investors pay to play in Europe's overheated loan market ...

LONDON, Oct 8 (LPC) - Two leveraged loans have priced over par in an unusual move for the European market, as strong appetite for paper and low deal flow demands investors pay up to lend on hotly ...

https://www.reuters.com/article/investors-pay-to-play-in-europes-overhea-idUSL5N26T25R

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Leveraged Loans: Primary Market Issuance Fell

Unlike leveraged loans, the high-yield bond primary market also saw more activity last week. ... (original issue discount) of 99.5; ... Time to Cool Off? WRITTEN BY Amit Singh. Target investors ...

https://marketrealist.com/2015/11/leveraged-loans-primary-market-issuance-fell/

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Debt Market Snapshot - U.S. Bank

Market commentary is provided by U.S. Bank *LBO – Leveraged Buy-out **CLO – Collateralized Loan Obligation †OID – Original Issue Discount Debt Market Snapshot July 31, 2013 Peter Kline, Managing Director 312-325-8983 Richard Jones, Managing Director 312-325-8906 Michael Mahoney, Managing Director 314-41 8-2661

https://www.usbank.com/commercial_business/products_and_services/pdf/DebtMarket_Snapshot_July2013.pdf

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Leveraged Loans Issuance Fell Last Week - Market Realist

According to data from S&P Capital IQ/LCD, the US leveraged loans market saw an allocation of $2.5 billion in dollar-denominated senior loans in the week ended January 22.

https://marketrealist.com/2016/01/leveraged-loans-issuance-fell-last-week/

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Inmarsat tweaks US$1.75bn LBO loan to meet investor demand

The original issue discount was revised to 98 cents on the dollar versus a prior discount of 99 cents and a 1% Libor floor was embedded into the transaction, banking sources said.

https://www.reuters.com/article/inmarsat-lbo-idUSL2N26E1AJ

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Latest in European Leveraged Finance – Market Flex

to avoid funding on terms that have become off-market. ... arrangement fee and original issue discount or upfront fee that the underwriters would otherwise ... leveraged loans. Participants recognize that terms are evolving, and that (within limits) the risk of pushing

https://www.clearygottlieb.com/-/media/files/latest-in-eu-leveraged-finance/latest-in-european-leveraged-finance-market-flex.pdf

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March 3, 2016 Leveraged Finance Group Client Alert ...

Leveraged Finance Group Client Alert: Implementing “Fungible” Incremental Term Loans . INTRODUCTION . ... (with the exception of original issue discount (OID) and upfront fees). From a ... This article explores the key issues to be considered in connection with implementing fungible incremental term loans.

https://www.milbank.com/images/content/2/3/v6/23476/Implementing-Fungible-Incremental-TLs.pdf

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Negotiating Leveraged Loans Course | Private Equity ...

Original issue discount (OID) – use in the deal, market trends; Margin and margin ratchets; ... This Leveraged Loans course focuses on club and syndicated leveraged loans provided to both corporate and PE borrowers (i.e. typically this covers loans > 2.0x Debt/EBITDA for most sectors).

https://redcliffetraining.com/training/corporate-finance-training-courses/leveraged-loans-course/

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SYNDICATED LOANS - Bloomberg Professional Services

almost twice the spread of a traditional first-lien loan. The OID [original issue discount] and call protection are more compelling; the LIBOR floor is largely identical. So this is an instrument that looks very cheap compared to the first lien, with lower recoveries as you would expect, but risk-adjusted we think it is very compelling.

https://data.bloomberglp.com/professional/sites/4/2015/02/syndicated-loans-dec13-webinar-summary.pdf

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LPC: US trucking company Western Express pulls refinancing ...

Similarly rated leveraged loans have cleared with an average yield to three-year call of 5.32% since the beginning of November and at least 56% of institutional loans currently in market do not ...

https://www.reuters.com/article/westernexpress-pulledloan/lpc-us-trucking-company-western-express-pulls-refinancing-loan-idUSL1N1NZ1LN

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Invesco Senior Secured Loans

– The a verage lagging 3 month new issue institutional loan spread was EURIBOR +3.80%, 9bps lower than in November. All-in-yields on these new primary issuances decreased 14bps to 4.33% in December as the slightly lower spread was combined with a lower original issue discount (“OID”), as illustrated by the average issue price of 99.71.

https://apinstitutional.invesco.com/dam/jcr:a6f84011-7087-4ce6-906e-1aa6a8597477/Monthly%20European%20Loan%20Market%20Update%20-%20January%202017.pdf

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Loan Market Shows Signs of Rebound Following Volatile End ...

original issue discount on the existing term loan increases by the amount that exceeds the threshold. Based on data from LCD, 38 add-on loans were launched in the first quarter (through March 18, 2019). Of those, 12 (32%) were nonfungible and priced with interest margins that were 80 bps higher on average than the existing loan. The remain-

https://www.skadden.com/-/media/files/publications/2019/04/quarterly-insights/loanmarketshowssignsofreboundfollowingvolatileendo.pdf

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Loan Market Shows Signs of Rebound Following Volatile End ...

Based on LCD data, 16 of the 30 loans allocated in February 2019 included tightened pricing in terms of interest and/or original issue discount during syndication, while only five flexed wider (i ...

https://www.lexology.com/library/detail.aspx?g=7d6b42f7-c421-45ce-b6f4-3c43b22dd5d9

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Introduction to Original Issue Discount - K&L Gates

ORIGINAL ISSUE DISCOUNT • Treas. Reg. § 1.61-7(c) states: • When notes, bonds, or other certificates of indebtedness are issued by a corporation or the Government at a discount and are later redeemed by the debtor at the face amount, the original discount is interest. • “Original Issue Discount” = unstated interest

http://www.klgates.com/files/Publication/8564a2cf-f976-49a5-81fe-3001914ca9e6/Presentation/PublicationAttachment/9a4207aa-83ef-4080-ae4a-3e91a4849bf4/Introduction_to_Original_Issue_Discount.pdf

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LPC: Debut US leveraged loan issuers face headwinds ...

Two leveraged loans for first-time US issuers, online marketing services company Red Ventures and coal ash management company Charah LLC, are struggling in syndication with credit concerns ...

https://uk.reuters.com/article/leveraged-loans-us/lpc-debut-us-leveraged-loan-issuers-face-headwinds-despite-investor-appetite-idUKL2N1MO12W

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The Acquisition and Leveraged Finance Review – US | Latham ...

The Acquisition and Leveraged Finance Review is intended to serve as a starting point in considering structuring and other issues in acquisition and leveraged finance, both generally but also ...

https://www.jdsupra.com/legalnews/the-acquisition-and-leveraged-finance-16240/

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LPC: High demand helps US companies to cut leveraged loan ...

The US leveraged loan market has opened with a bang, allowing junk-rated companies such as food packaging company Crown Holdings to reduce pricing further amid strong demand for floating rate assets.

https://finance.yahoo.com/news/lpc-high-demand-helps-us-153418169.html

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Lending & Secured Finance 2014 - Davis Polk & Wardwell

These investors tend to view a term loan to a leveraged borrower as a transaction – a prepayable, senior secured floating rate investment – rather than one part of a broader institutional relationship. They are often equally comfortable investing in HY ... ICLG TO: LENDING & SECURED FINANCE 2014 WWW.ICLG.CO.UK.

https://www.davispolk.com/files/Recent.Trends.in_.US_.Term_.Loan_.B.pdf

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WMF widens pricing on €615m loan as lenders look askance ...

Pricing on the deal’s €515m term loan ‘B’ is 450bp over Euribor, 25bp wider than initial guidance. The original issue discount has deepened from 99.5 to 98.5.

https://www.globalcapital.com/article/nb898ff6h093/wmf-widens-pricing-on-615m-loan

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