Leveraged Loan Market Reopens on US Toymaker’s $260 Million Deal

Toy manufacturer Melissa & Doug LLCbroke a week-long sales deadlock in the US leveraged loan market Thursday by looking to extend the maturity of existing debt, although at a steep price tag.

The Westport, Connecticut-based company launched a $260 million first-lien offering that proposes to push out the tenor on a loan that’s coming due in June 2024 to June 2026, according to a person familiar with the matter. The financing also includes a $65 million revolver, the person said.

Companies have refrained from borrowing since March 16 as banking crises in the US and Europe drove average loan ...