Recent high yield buybacks - issuers find opportunity in credit crisis

New York, Nov. 19 - Depressed bond prices have had one positive effect on high-yield issuers - companies have been able to repurchase their outstanding debt, often at deep discounts.

The table that follows summarizes all the repurchases reported by Prospect News since June 1.

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

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

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 £100

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

11/13/2008 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

11/10/2008 YRC Worldwide redeems all 8¼%, 6½% notes with facility draw 325

11/10/2008 Nexstar buys back $5.3 million 11 3/8% notes as part of PIK note sale 5.3

11/10/2008 Boyd Gaming retires $93.2 million of 7¾% notes in October 93.2

11/10/2008 Valassis buys back $14.7 million 6 5/8% notes 14.7

11/10/2008 Cinemark buys back $30 million of 9¾% discount notes in October 30

11/10/2008 Harrah's spends $53.3 million to buy back $66.1 million of 5½%, 7 7/8%, 8 1/8% notes 66.1

11/10/2008 Amkor buys back $58 million 2.5% convertibles, $8 million 7 1/8% notes 63

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

11/7/2008 Sprint Nextel retires $985 million of debt in third quarter 485

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 485

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

11/4/2008 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 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

10/10/2008 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

10/3/2008 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

9/25/2008 Argentina's Banco Macro buys back $850,000 of 8½% notes due 2017 0.85

9/18/2008 Kemet prepays all $40 million of 6.66% notes 40

9/17/2008 Argentina's Banco Macro acquires 758,911 class B shares, buys back $10 million of 8½% notes 10

9/11/2008 Lazy Days to buy back up to $1.85 million of 11¾% notes due 2012 1.85

9/10/2008 GameStop buys back $30 million senior notes 30

9/5/2008 Compass Minerals to redeem $20 million of its 12% notes due 2013 20

9/4/2008 GrafTech to redeem $20 million of its 10¼% notes due 2012 20

8/21/2008 iesy Hessen buys back €80 million floating-rate notes due 2013 € 80

8/20/2008 Avago Technologies to redeem some 10 1/8%, 11 7/8% notes with IPO proceeds 240.5

8/13/2008 American Rock Salt buys back $11.6 million 9½% notes due 2014 11.6

8/13/2008 Mirant retires $132 million of notes due 2011 in the first half 132

8/12/2008 Stanley-Martin buys back $16.3 million notes during first half 16.3

8/11/2008 Boyd Gaming buys back $45.4 million of its 7¾% notes due 2012 with bank borrowings 45.4

8/8/2008 Castle Holdco subsidiary repurchases £7 million of its 9 7/8% senior notes due 2015 £7

8/7/2008 Yankee Candle repurchases $12 million of its senior subordinated notes 12

8/6/2008 Carrols Restaurant retires $2 million 9% notes 2

8/6/2008 Clean Harbors redeems $50 million senior secured notes 50

8/5/2008 HealthSouth redeems another $25 million of 10¾% notes due 2016, repays more of term loan 25

8/4/2008 Radio One buys back $8 million of its 8 7/8 notes 8

8/4/2008 Altra Holdings retires $15 million of its 9% notes 15

8/4/2008 Progressive Gaming to buy back, cancel all $30 million of its remaining 11 7/8% notes 30

8/1/2008 Rent-a-Center buys back $29.6 million senior subordinated notes 29.6

7/28/2008 Freescale Semiconductor repurchases $85 million of notes in first half 85

7/22/2008 Mueller buys back $700,000 more 6% debentures in second quarter 0.7

7/3/2008 Ryerson repurchases $5 million of floaters in second quarter 5

6/24/2008 HealthSouth to retire $30.3 million of 10¾% senior subordinated notes 30.3

6/17/2008 PNA Group plans to buy back 10¾% notes, floating-rate toggle notes 1100

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