Lamar's debt draw shows shift for cash in lev loans

摘要

Outdoor advertising firm lamar media's decision to draw down US$535m from its revolving credit facility due to macroeconomic uncertainty illustrates the shift among corporate borrowers brought on by the coronavirus pandemic. The withdrawal came just two months after Lamar locked in a spread on a new term loan B, which was agreed when US companies looking to slash borrowing costs rushed to the leveraged loan market to find yield-hungry investors willing to accept lower prices if only to have an opportunity to put money to work.