Loan refinancing activity and robust high-yield bond issuance extended or diminished $110 billion of loans within the refinancing cliff timeframe during Q1/12. However, the market still needs to refinance or extend $667 billion of loans expected to mature between 2013 and 2014, according to Fitch Ratings.

Economic activity in the manufacturing sector expanded in May for the 34th consecutive month, according to the latest Manufacturing ISM Report On Business. May’s Purchasing Mangers Index showed a ‘modest decrease’ of 1.3 percentage points from April’s reading.

Ace Hardware announced the early redemption of its outstanding 9.125% senior secured notes. The refinance was driven by the April 13 closing of a five-year $600 million senior secured credit facility. Bank of America served as administrative agent on the transaction while BofA, JP Morgan and US Bank served as joint lead arrangers and joint bookrunners.

Bank Street announced the acquisition of ancotel GmbH by Equinix. Bank Street served as the exclusive financial advisor to ancotel in connection with this transaction.

A new study by PayNet shows that credit is weak, as is the desire by millions of small businesses to expand.

Bloomberg reported that the U.S. economy looks set to deliver a repeat performance in 2012: for the third straight year, it may suffer a swoon, yet not slip into a recession.

The National Association of Credit Management’s CMI report for May 2012 confirms another spring slump, but a third stagnant summer is not yet a certainty. The overall CMI slipped again in May and is now sitting at levels last seen in January of this year and about where the CMI was a year ago.

Bloomberg reported that at a recent investor conference, Wells Fargo chief John Stumpf said the bank’s direct exposure in Europe is “almost nil,” but “there would be some spillover” if the turmoil in the region leads to another contraction.

United Capital Business Lending said it provided $7.7 million in financing to Denny’s owner, MDC Restaurants, refinancing 33 existing locations in three states for this CA-based franchisee.

The pace of borrowing by small lending to small businesses continues to decline, according to the Thomson Reuters/PayNet Small Business Lending Index, which registered 94.1 in April, down from 98.5 in March.