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PQ, SiteOne price deals; American Airlines upsizes; supply shortage driving hot loan market
By Paul A. Harris
Portland, Ore., April 27 – Bank loans continued to be well-bid on Wednesday, according to a trader on the East Coast.
“There’s nothing for sale,” said the trader, adding that the shortage of new issue supply is driving hot market conditions in which deals are upsizing, spreads are tightening and timing is being accelerated.
“It’s the same every year,” the trader said, adding that new banking regulations are exacerbating the situation this time around.
The new NBTY Inc. Libor plus 400 basis points covenant-light term loan (B1/B+) was up a quarter of a point on the day at 100¼ bid, 100¾ offered, after having been bid as high as 100½ earlier in the day, the trader said.
Elsewhere in the secondary market the loan paper of drugs tester Millennium Laboratories fell precipitously following a company call, said the trader who was awaiting an explanation.
In 10 minutes the loan paper fell to 76 bid, 81 offered, down from the mid-90s, source said.
In the primary market PQ Corp. and SiteOne Landscape Supply priced deals, while American Airlines Group Inc. upsized its deal and trimmed the discount.
Pabst Brewing Co. set a lender call for 11 a.m. ET on Thursday for a $135 million incremental term loan due Nov. 13, 2021, according to a market source.
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