Recent high yield buybacks - a silver lining to the credit crisis

New York, Dec. 23 - High-yield issuers have been busy repurchasing their debt - and the trend shows no sign of letting up.

The pace picked up in the late summer and early fall and shows no sign of slowing as companies have found the credit crunch has created attractive opportunities to repurchase their outstanding debt, often at deep discounts.

The table that follows summarizes all the repurchases reported by Prospect News since Oct. 1. Tenders and exchange offers are not included.

Amounts are in millions, and are in dollars unless otherwise indicated.

Date of Report Headline Amount (millions, $ unless indicated)

12/21/2008 American Rock Salt buys back $1 million 9½% notes, spends $33.45 million on repurchases in fiscal 2008 1

12/18/2008 MedCath repurchases subsidiary's 9 7/8% notes for $111.2 million 111.2

12/18/2008 TGS repurchases $15 million of its 7 7/8% notes 15

12/18/2008 FKI to pay 103.1 in early redemption of 6 5/8% bonds 195.65

12/16/2008 Targa repurchases $40.9 million of its 8¼% senior notes due 2016 40.9

12/16/2008 Norske Skog repurchases $54.4 million more 7 5/8% bond loan, NOK 10 million of bond due 2009 54.4, NOK 10

12/14/2008 Kansas City Southern to buy back $200 million 7½% notes 200

12/10/2008 Novae agrees to buy back £1.5 million more 8 3/8% notes at discount £1.5

12/9/2008 Dave & Buster's retires $15 million 11¼% notes 15

12/8/2008 B.F. Saul to redeem 7½% series B notes

12/2/2008 Novae agrees to buy back £7.55 million 8 3/8% notes at discount £7.55

11/28/2008 CEVA Group subsidiary buys back €16 million more 10% notes due 2016 16

11/26/2008 Argentina's TGS buys back $30 million 7 7/8% notes due 2017 30

11/24/2008 D.R. Horton buys back $102.9 million more notes since fourth quarter 102.9

11/21/2008 Norske Skog repurchases $61.6 million 7 5/8% bond loan due 2011 61.6

11/21/2008 Argentina's Banco Macro buys back $3.15 million 8½%, 10¾% notes 3.15

11/20/2008 Argentina's Banco Macro repurchases $14.73 million total 8½%, 10¾% notes 14.73

11/17/2008 Dole Food redeems $5 million 8 5/8% notes due 2009 in third quarter 5

11/17/2008 CEVA Group subsidiary buys back €13 million more 10% notes due 2016 13

11/16/2008 National Coal holders swap $13 million of 10½% notes for stock in year through Sept. 30 13

11/16/2008 Countrywide parent buys £11 million of toggle notes due 2014 £11

11/16/2008 Thornburg holders exchange $4 million more floaters for 738,991 shares 4

11/14/2008 Rafaella buys back $28.5 million more senior secured notes in August 28.5

11/13/2008 United Energy buys back $43 million senior notes 43

11/13/2008 MedCath retires $102 million 9 7/8% notes with proceeds of loan 102

11/11/2008 YRC Worldwide redeems all 8¼%, 6½% notes with facility draw 225

11/11/2008 Nexstar buys back $5.3 million 11 3/8% notes as part of PIK note sale 5.3

11/11/2008 Boyd Gaming retires $93.2 million of 7¾% notes in October 93.2

11/11/2008 Valassis buys back $14.7 million 6 5/8% notes 14.7

11/11/2008 Cinemark buys back $30 million of 9¾% discount notes in October 30

11/11/2008 Harrah's spends $53.3 million to buy back $66.1 million of 5½%, 7 7/8%, 8 1/8% notes 66.1

11/11/2008 Amkor buys back $58 million 2.5% convertibles, $8 million 7 1/8% notes 64

11/10/2008 Phoenix buys back $7.1 million of 7.45% senior unsecured bonds 7.1

11/6/2008 Thornburg holders exchange $9.125 million more floaters for 1,825,354 shares 9.125

11/6/2008 Entercom Communications retires $16.3 million of notes in third quarter 16.3

11/6/2008 iStar Financial buys back $392.1 million of notes after end of third quarter 392.1

11/6/2008 Norske Skog buys back $25 million in 7 5/8% bonds due 2011 25

11/6/2008 CEVA Group subsidiary buys back €8 million 10% notes due 2016 8

11/6/2008 Harry & David buys back $10.2 million in senior notes 10.2

11/6/2008 Sprint Nextel retires $985 million of debt in third quarter 985

11/6/2008 Mirant buys back $66 million of senior notes due 2011 in third quarter 66

11/5/2008 Columbus McKinnon redeems $5 million 8 7/8% notes 5

11/5/2008 Alkermes buys back $60 million 7% notes in quarter 60

11/5/2008 Entercom buys back $16.3 million of 7 5/8% notes due 2014 16.3

11/5/2008 Alliance One buys back $18.8 million of senior notes, senior subordinated notes 18.8

11/5/2008 Radio One redeems $43.1 million in 8 7/8% notes due 2011 43.1

11/5/2008 Citadel buys back $160 million of debt in third quarter 160

11/4/2008 Sinclair Broadcast buys back $1 million more of 8% notes in October 1

11/4/2008 D.R. Horton buys back $1.4 million 9¾% notes, $35.3 million 8% notes 1.4

11/4/2008 MBIA buys back nearly $434 million of notes in year to date 434

11/4/2008 Hong Kong's Noble Group buys back $20 million of 6 5/8% notes 20

11/4/2008 Ventas buys back $138.6 million 8¾%, 6¾% notes in year to date 138.6

11/3/2008 Sierra Pacific Resources buys back $19 million 6¾% notes 19

11/3/2008 Marvel Entertainment retires $13.3 million mezzanine floaters 13.3

11/3/2008 William Lyon Homes buys back $71.9 million of notes at steep discount in October 71.9

11/3/2008 CEVA Group owner buys €27.28 million 10% notes, €186.63 million floaters 213.91

10/30/2008 Thornburg to exchange $53.5 million floaters for stock at 25% of par 53.5

10/30/2008 Indonesia's Ciliandra Perkasa buys back $9.2 million 10¾% bonds 9.2

10/29/2008 Seacor buys back some 7.2%, 5 5/8% notes 51.7

10/29/2008 Chiquita buys back $54.7 million 7½% notes, $36.6 million 8 7/8% notes 91.3

10/27/2008 Argentina's Banco Macro buys back $14.73 million 8½%, 10¾% notes 14.73

10/16/2008 Stanley-Martin buys back $4 million notes during third quarter, says loss would breach covenant 4

10/13/2008 MXenergy repurchases $12.8 million of notes at less than par 12.8

10/12/2008 Sinclair buys back $22.3 million of 8% notes amid market turmoil 22.3

10/9/2008 Mueller Industries buys back $122.9 million more of its 6% debentures 122.9

10/9/2008 Castle Holdco subsidiary buys back £4 million of its 9 7/8% notes £4

10/5/2008 Argentina's Banco Macro buys back $500,000 10¾% notes due 2012 0.5

10/1/2008 Edenor repurchases $6 million debentures due 2017 6

10/1/2008 Petaquilla retires $36 million of secured notes using tender proceeds 36

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