...In the next five years, an unprecedented amount of leveraged loan and high yield bond debt comes due. Each dollar of the more than $800 billion in debt maturing in this period will need to be addressed on a company-by-company and highly negotiated basis. Many, if not all, of the companies that issued such debt have seen deteriorating operations while the credit markets remain selective. Furthermore, maturity concentration ensures that many companies will be vying for lenders' dollars and attention over the next several years. As a result, upcoming maturities will remain the largest medium-term overhang to those highly leveraged credits that incurred a significant amount of debt (notes and loans) as a result of LBOs in 20052007. Fitch Ratings believes that managing these maturities will be among the primary issues facing these companies over the next several years. Alternatives include: 1) repayment from cash flow (operations or asset sales); 2) refinancing in the bank or bond market; 3)...
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| Company(ies): | ARAMARK Corporation, Energy Future Competitive Holdings, Energy Future Holdings Corp, First Data Corporation, Freescale Semiconductor, Inc., HCA Inc., Nielsen Finance LLC, Oncor Electric Delivery Company LLC, SunGard Data Systems Inc., Texas Competitive Electric Holdings Company LLC, The Nielsen Company BV, Toys 'R' Us Property Company I, LLC, Toys R Us Ltd., Toys R Us, Inc., Toys R Us-Delaware Inc, Univision Communications, Inc.
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