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Loan Buyers Seek Steep Discounts

Leveraged loan investors push discounts to 2009 levels.

By Krista Giovacco | Updated on September 30, 2011

Microsemi Corp. is leading U.S. companies this week in seeking $7.69 billion in leveraged loans as investors seek the steepest discounts to buy the debt since the third quarter of 2009.

Microsemi, a maker of microchips for the aerospace and defense industries, is proposing to sell an $800-million term piece to back an acquisition at 97 cents to 98 cents on the dollar, reducing proceeds for the company and increasing the yield for investors. DigitalGlobe Inc. is willing to sell a $500 million financing at a price as low as 97.5 cents.

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