distressed watchlist - amazon s3 · 2017-10-02 · distressed watchlist. overview. the debtwire...

DISTRESSED WATCHLIST


OVERVIEW

The Debtwire Middle Market Watchlist highlights bonds and loans of levered borrowers that are either engaged in balance sheet restructurings or face imminent pressure to reduce debt.

The Debtwire Middle Market universe covers credits with funded debt of USD 150m or less and overall total debt load of USD 300m if the debt, includes a revolver. The names that appears on this list—which in-clude companies with bonds or loans—may have slightly higher debt loads then this criteria.

The companies with bonds and loans are in different lists and are currently trading at 80% face value or below. Accompanying each security are recent trading lists and metrics indicating credit quality. Links to the latest Debtwire intelligence and headlines on the assigned borrowers are provided for insight into spe-cific risk factor.

TABLE OF CONTENTS: Distressed Bonds Additions and Departures …….…….. 2 Notable Gains and Losses ……….…... 3 Distressed Bonds Watchlist ….……...4

Distressed Loans Additions and Departures ……….……5 Notable Gains and Losses ……………..6 Distressed Loans Watchlist …….........7 RESEARCH — MIDDLE MARKET -NORTH AMERICA Jon Berke

Middle Market Editor 212.686.2741 [email protected]

Suneet Chandvani Head of Mid-Market Research 646.378.3170 [email protected] Alex Federbusch Credit Analyst 212.500.7554 [email protected] Amol Shinde

Credit Analyst 022.6835.1532 [email protected]

19 SEPTEMBER 2017

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mailto:[email protected]





DISTRESSED WATCHLIST DISTRESSED BONDS

ADDITIONS: Centrus Energy

DEPARTURES: Sunshine Oilsands

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DISTRESSED WATCHLIST DISTRESSED BONDS

NOTABLE LOSSES: Avid Technology: 2.0% senior unsecured due 2020 (-5.9%)

NOTABLE GAINS: Primero Mining Corp: 5.75% Subordinate notes due 2020 (+9.6%)

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Company Name ResearchCoupon

(%)

Outstanding

(USDm)Maturity Ranking Moody's S&P

Current

Price

Current

YTM

Previous

Price

Previous

YTMPrice % Δ

LTM EBITDA

(USDm)

Net Debt

(USDm)Net Leverage

LTM FCF

(USD m)

Advanced Lighting Technologies 10.5 4 1-Jun-19 1st lien - - - - - - - 19 180 9.7 -

Amyris 9.5 55 15-Apr-19 Sr Unsecured - - - - - - - (77) 230 - (63)

Amyris 6.5 75 15-May-19 Sr Unsecured - - 66.0 33.2 66.0 33.2 0.0% (77) 230 - (63)

Avid Technology Available 2.0 125 15-Jun-20 Sr Unsecured - - 72.0 14.7 76.5 12.0 -5.9% 47 147 3.1 27

Centrus Energy 8.0 30 30-Sep-19 Secured - - 80.0 19.1 80.0 19.1 0.0% (68) (43) - 46

Cinedigm 5.5 51 15-Apr-35 Sr Unsecured - - - - - - - 35 127 3.6 34

Inseego Corp (fka Novatel

Wireless)5.5 120 15-Jun-22 Sr Unsecured - - 68.7 14.5 68.7 14.5 0.0% (7) 136 - 33

ION Geophysical 9.1 121 15-Dec-21 2nd lien - B- - - - - - 49 118 2.4 65

ION Geophysical 8.1 28 15-May-18 2nd lien Ca CCC - - - - - 49 118 2.4 65

ION Geophysical 9.1 1 15-Dec-21 2nd lien - B- 82.5 14.7 77.3 16.6 6.8% 49 118 2.4 65

Orexigen Therapeutics 2.8 30 1-Dec-20 Sr Unsecured - - 50.0 23.6 50.0 23.6 0.0% (164) 140 - 74

Orexigen Therapeutics 2.8 50 1-Dec-20 Sr Unsecured - - 40.8 - 40.8 - 0.0% (164) 140 - 74

Pernix Therapeutics Holdings Available 4.3 130 1-Apr-21 Sr Unsecured - - 40.5 33.6 40.5 33.6 0.0% 9 303 35.1 26

PetroQuest Energy Available 7.9 252 15-Feb-21 2nd lien - CCC 75.0 20.2 75.0 20.2 0.0% 30 285 9.4 (47)

Primero Mining Corp 5.8 75 28-Feb-20 Subordinated - - 67.0 24.2 61.1 27.9 9.6% 26 101 3.9 117

River Rock Entertainment

Authority9.0 72 1-Nov-18 1st lien - - 25.8 - 25.8 - 0.0% 60 157 2.6 -

SAExploration 10.0 2 15-Jul-19 1st lien WR NR - - - - - 14 91 6.7 35

SAExploration 10.0 69 24-Sep-19 2nd lien - - 67.4 33.8 67.4 33.8 0.0% 14 91 6.7 35

TerraVia Holdings (fka Solazyme) Available 6.0 62 1-Feb-18 Sr Subordinated - - - - - - - (53) 128 - (21)

TerraVia Holdings (fka Solazyme) Available 5.0 150 1-Oct-19 Sr Subordinated - - 42.0 46.9 42.0 46.9 0.0% (53) 128 - (21)

Tunica-Biloxi Gaming Authority

(dba Paragon Casino Resort)9.0 150 15-Nov-15 Sr Unsecured WR NR 37.6 - 37.6 - 0.0% - - 10.0 -

Vitamin Shoppe Available 9.1 121 15-Dec-21 Sr Unsecured - B- - - - - - 100 127 1.3 30

Vitamin Shoppe Available 2.3 144 1-Dec-20 Sr Unsecured - - 74.0 12.1 73.5 12.3 0.7% 100 127 1.3 30

VIVUS Inc 4.5 250 1-May-20 Sr Unsecured - - 67.3 20.8 67.3 20.8 0.0% 67 199 3.0 32

Distressed Bonds Watchlist

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http://us.debtwire.com/intelligence/IntelligenceBroker.asp?companysysid=55178&subnavid=2&typecode=&verb=76&zone=110&contextid=722906851&contextiddeal=&pageiddeal=




https://www.debtwire.com/document-repository/document/B1va5frB-











https://www.debtwire.com/intelligence/view/2478424









https://www.debtwire.com/document-repository/document/SyqluQgE-





http://us.debtwire.com/Common/CompanyDocumentDownload.aspx?id=11941&chkSub=131072


http://www.vivus.com/


DISTRESSED WATCHLIST DISTRESSED LOANS

ADDITIONS: David's Bridal

DEPARTURES: Birch Communications

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DISTRESSED WATCHLIST DISTRESSED LOANS

NOTABLE LOSSES: Targus Group International: Libor+ 900bps Second lien Term Loan due 2020 (-19.5%)

NOTABLE GAINS: None

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Distressed Loan Watchlist

Company Name Research Priority FacilityInitial Libor

Spread (bps)

Outstanding

(USD m)Maturity Current Bid

Current

Offer

Previous

Bid

Previous

OfferPrice % Δ

LTM EBITDA

(USDm)

Net Debt

(USDm)Leverage

LTM FCF

(USD m)

Charming Charlie Inc First Lien TLB 800 150 24-Dec-19 50 52 50 52 0.0% 415 4,911 11.8 (143)

David's Bridal Available First Lien TLB 375 520 11-Oct-19 79 80 73 75 7.5% - - - -

F+W Media First Lien TLB 750 160 30-Jun-19 55 75 55 75 0.0% 104 1,365 13.1 (103)

F+W Media First Lien RC 650 10 30-Jun-18 54 74 54 74 0.0% 104 1,365 13.1 (103)

Jason Industries Second Lien TL 800 110 30-Jun-22 75 80 76 80 -0.2% - - - - 30.0 - -

Targus Group International Second Lien TL 900 155 31-Jul-20 48 55 61 66 -19.5% - - - - - - -

Nomacorc First Lien RC 450 20 5-Jan-20 78 82 78 82 0.0% 60 570 9.5 -

Nomacorc First Lien TLA 450 80 5-Jan-21 80 84 80 84 0.0% 60 570 9.5 -

SONIFI First Lien TLA 1500 161 28-Mar-18 45 53 45 53 0.0% - - - - 10.0 - -

Things Remembered First Lien RC 800 20 28-Feb-19 27 47 27 47 0.0% 65 655 10.1 -

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distressed watchlist - amazon s3 · 2017-10-02 · distressed watchlist. overview. the debtwire...

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