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Gulf Finance strengthens again with paydown hopes; Cyxtera retreats post-downgrade
By Sara Rosenberg
New York, Dec. 21 – Gulf Finance LLC’s term loan B continued to rise in the secondary market on Wednesday as the company held a lender call to update lenders on its proposed amendment and asset sale, which is expected to lead to a partial repayment of the debt.
Gulf Finance’s senior secured term loan B had another day of gains as a result of a potential repayment of some of the debt, according to traders.
One trader had the term loan B quoted at 94˝ bid, 96˝ offered on Wednesday, up from 89˝ bid, 91˝ offered on Tuesday, and a second trader had the term loan B quoted at 94˝ bid, 96˝ offered, up from 90 bid, 92 offered. On Monday, the term loan B was quoted at 85 bid, 87 offered.
As previously reported, the company is seeking an amendment to allow for an asset sale and some of the proceeds from that sale would be used to repay a portion of the outstanding term loan B.
Also, Cyxtera Technologies Inc.’s first-lien term loan weakened in trading following news of a two-notch downgrade to the debt by S&P Global Ratings.
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