Berry Global tightens; Granite Energy launches $1.5 billion; loan funds see outflows

By Paul A. Harris

Portland, Ore., Oct. 15 – In Tuesday's bank loan market, Berry Global Group Inc. tightened spread talk on both tranches of its $2,032,500,000 term loan package.

Spread talk on both tranches dropped to Libor plus 200 basis points from 225 bps. The debt is split between a $1.545 billion term loan W due October 2022 and a $487.5 million term loan X due January 2024.

Granite Energy, LLC launched $1.5 billion of senior secured credit facilities, including a $1.4 billion seven-year first-lien term loan B. The institutional part of the deal includes a $1.4 billion seven-year first lien term loan B talked with a 350 bps to 375 bps spread to Libor and a 0% Libor floor, at 99.

Meanwhile the combined daily cash flows of the dedicated bank loan funds were negative on Friday, as well as on Monday, according to a market source.

The combined bank loan funds saw $277 million outflows on Friday, including $67 million of daily outflows from the bank loan ETFs and $210 million of outflows from actively managed bank loan funds, on the day, the source said.

On Monday, the most recent session for which data was available at press time, the combined funds saw $49 million of daily net outflows.

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