Emboldened by the recent success of riskier bond offerings, the credit market is opening up to more cuspy borrowers, including near-junk rated companies and the first leveraged loan deal in almost a month.
Landry’s Inc., a restaurant and casino operator owned by Texas billionaire Tilman Fertitta, is looking to take out a $250 million secured term loan due October 2023. Broadcom Inc. and Ally Financial Inc. priced new bonds rated one step above speculative grade, and the high-yield market remained active with an offering from LifePoint Health that increased in size.
