Since 2009 leveraged companies in the US have been pushing out the wall of maturities created by frenzied LBO activity prior to the financial crisis. These days they are continuing to chip away at the 2014 maturity.
LCD: - So far this month, issuers have completed or announced opportunistic transactions that address $9.8 billion of loans maturing in 2014... These include bond-for-loan takeouts, amend-to-extend exercises, and loans to refinance shorter-dated loans. Some executions have been large, with Community Health Systems, ServiceMaster, and First Data poised to clear away more than $1 billion apiece of their 2014 maturities.
LCD: - With the pool of shorter-dated loans shrinking, there is a strong bid for shorted-dated paper from CLOs as they work to maintain compliance with weighted-average-life tests, traders note.