US Leveraged Loan Market Under Strain as More Deals Are Pulled

The US leveraged loan market is coming under further pressure with its second pulled deal in a week and a slew of investor-friendly changes made on other transactions to help get them over the line.

The latest casualty is drugmaker Mallinckrodt, which shelved a $1.49 billion offering on Friday, according to people with knowledge of the matter, who asked not to be identified discussing a private matter.

It follows a pulled deal from specialty chemicals producer Nouryon earlier this week, marking the eighth deal to be yanked from the market since August, according to data compiled by Bloomberg.

Representatives ...