Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

LightSquared’s Loan Allocation on Hold; Steinway Proposes Rate

LightSquared Inc., the wireless broadband company controlled by Philip A. Falcone’s Harbinger Capital Partners LLC, postponed plans to distribute a $2 billion bankruptcy-exit loan to investors. Steinway Musical Instruments Inc. proposed terms on $250 million in buyout loans.

LightSquared, which filed for bankruptcy in May 2012, put allocation plans on hold for the first-lien term loan as it awaits judgment from bankruptcy court, according a person with knowledge of the offering who asked not to be the identified because the deal isn’t public. Terms of the loan, which would pay 6.5 percentage points more than the London interbank offered rate with a 1.5 percent minimum on the lending benchmark, may change, the person said.

Steinway is proposing to pay 4.5 percentage points more than Libor on a $175 million, six-year first-lien term loan and a $75 million asset-backed loan for its acquisition by Kohlberg & Co., with a 1 percent minimum on the lending benchmark, according to a person with knowledge of the transaction, who asked not to be identified because terms aren’t set. Details on a $75 million second-lien term loan weren’t released, the person said.

The group led by Michael Dell looking to take computer maker Dell Inc. private isn’t pursuing additional financing to sweeten its $24.4 billion buyout offer, according to people with knowledge of the situation. The group had arranged for $13.8 billion in debt backing Dell’s buyout that included covenant-light loans, according to data compiled by Bloomberg.

Fiat Revolver

Fiat SpA completed the syndication of a three-year revolving credit facility, increasing the size to 2.1 billion euros ($2.75 billion) from 2 billion euros, according to a stock-exchange statement from the company.

Corporate defaults will rise as the Federal Reserve considers curtailing stimulus measures, according to a survey by the International Association of Credit Portfolio Managers.

The 12-month credit-default outlook index, in which negative numbers indicate an expectation of higher defaults, moved to minus 35.6 in June from negative 7.6 in March, according to the survey, which was released today. IACPM’s 87 members include banks, insurance companies and asset managers in 17 countries.

Loan prices on the largest senior floating-rate debt rose 0.08 cent today to 98.26 cents on the dollar, the most since May 31, according to Standard & Poor’s/LSTA U.S. Leveraged Loan 100 Index. The average return on outstanding loans climbed to 3.1 percent, S&P/LSTA index data show.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.