Project Castle launches $1.43 billion loan; Peloton, Barracuda Networks update

By Paul A. Harris

Portland, Ore., May 16 – Monday's new-loan news included the Project Castle Issuer $1.425 billion of seven-year term loan B paper coming in support of the combination of MHS Global and Fortna.

There were pricing updates on the Peloton Interactive, Inc. $750 million five-year term loan B and the Barracuda Networks Inc. $1.72 billion credit facilities backing the leveraged buyout of the company.

Meanwhile Westinghouse Electric Co. plans to launch a $550 million term loan B due August 2025 (existing ratings B2/B) on a Tuesday lender call.

Leveraged loans closed Friday down 2.13% in May after providing modest gains from January through April, according to a market source.

Leveraged loan prices decreased 1.65 points last week to 95.18 with the average price for double B loans decreasing 1.4 points to 96.77, single B loans decreasing 1.83 points to 95.36, and split-single B/triple C loans decreasing 2.06 points to 85.28.

The dedicated bank-loan funds sustained $270 million of net outflows on Friday, the most recent session for which data was available at press time, according to a market source.

Actively managed bank-loan funds saw $184 million of outflows on the day.

Bank loan ETFs sustained $96 million of outflows on Friday, the source said.

The combined funds are tracking $1.04 billion of net outflows for the week that will conclude with Wednesday's close, according to the market source.

Those numbers follow last Thursday's report that the dedicated bank-loan funds sustained $598 million of net outflows in the week of the Wednesday, May 11 close, their largest outflows since April 2020, the source said.

Last Thursday the bank-loan ETFs saw $551 million of outflows, their biggest daily outflow on record, according to the market source.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.