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Genoa sets bank meeting; Sinclair launches $350 million loan; prices firm in quiet market
By Paul A. Harris
Portland, Ore., April 6 – Cash loans were up 1/8 point during the Easter Monday session.
“Things were really quiet but the market was strong,” a trader remarked.
“Things were better bid.
“CLOs were buying, but volumes are not what they were a couple of weeks ago.”
Allison Transmission’s add-on first-lien term loan B-3 (Ba2/BB+/BB) due Aug. 23, 2019 was par bid, 100½ offered on Monday, unchanged on the day but up from the reoffer price, the trader said.
The $470 million was priced 99¾. It allocated on March 31.
The LCDX 22 index of bank loan credit default swaps closed up ¼ point at 102½ bid, 103½ offered, according to a hedge fund manager.
In a quiet primary market Sinclair Television Group, Inc., a wholly owned subsidiary of Sinclair Broadcast Group, Inc., held a bank meeting for a $350 million incremental term loan B.
And Genoa, A QUO Healthcare Co., LLC announced a Wednesday bank meeting for a $470 million credit facility, including a $265 million seven-year first-lien covenant-light term loan and a $155 million eight-year second-lien covenant-light term loan, with hard calls at 102 in year one and 101 in year two.
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