US corporates tap term loans as they look to avert downgrades [Reuters]
Fiserv, Inc. (FISV)
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Source: Reuters
US corporates tap term loans as they look to avert downgrades | Reuters 5 Min Read NEW YORK, Feb 21 (LPC) - US high-grade companies including Fiserv and Keurig Dr Pepper have increasingly turned to term loans, which are cheaper to issue and easier to prepay than longer-term bonds, as they prioritize debt reduction to avert credit rating downgrades. Heavy long-term debt loads incurred in large mergers and acquisitions (M&A), and in some cases slower than expected repayment of that acquisition debt, has spurred a wave of downgrades to the lowest investment grade rungs or even to junk status. Looking to prevent that, new borrowers are refinancing existing term loans with smaller new loans, while others are quickly applying excess cash flow to deleveraging, looking to show they can cut back on the debt loads incurred in costly M&A. Awash in funds to invest, many banks are clamoring to provide these loans, though they can be more expensive for lenders because they have to hold added capita
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