Plaskolite first lien paper prices; inflows to loan funds continue

By Paul A. Harris

Portland, Ore., April 6 – Leveraged loan market activity was muted on Friday, as New York-based participants tended to be on spring break with their families, crimping the flow of new issue news from the dealers, a trader said.

First lien term loan paper (B2/B) for $610 million from Plaskolite LLC priced and broke for trading, the trader said.

The deal, in the market via joint lead arrangers Antares Capital and KeyBanc Capital Markets, featured a $246 million incremental first-lien term loan due Nov. 3, 2022 that priced at 99.5 and a repricing of the company’s roughly $374 million first-lien term loan due Nov. 3, 2022 which priced at par.

The loans were trading at par bid, par ˝ offered in light trading early Friday afternoon, the trader said.

Both tranches came with 350 basis points spreads to Libor and 0% Libor floors.

Mastronardi to launch Monday

Mastronardi Produce Ltd. will launch a seven-year term loan B at a bank meeting to be held on Monday.

BofA Merrill Lynch, Bank of Montreal and Rabobank are the arrangers.

Positive Thursday flows

Daily cash flows for dedicated bank loan funds were positive on Thursday, the most recent session for which data was available at press time, a trader said.

The funds saw $70 million of inflows on Thursday.

© 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.