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Liquid Tech Solutions prices, trades higher; ETFs see $33 million Tuesday inflows
By Paul A. Harris
Portland, Ore., Aug. 23 – Liquid Tech Solutions LLC priced an upsized $60 million fungible add-on term loan with a SOFR+CSA plus 475 basis points spread at 98, a market source said.
The deal, upsized from $50 million, broke to 98¼ bid, 99¼ offered.
It priced on top of price talk.
In the secondary market, the Tenneco Inc. SOFR plus 500 basis points senior secured covenant-lite term loan B (B1) was 85 bid on Wednesday, according to a debt capital markets banker.
The paper was up perhaps ¼ of a point over the past two sessions, the source said, adding that although the loan has been trading the price is little moved.
The $1.243 billion loan, which came in an effort to syndicate hung debt related to Apollo’s buyout of Tenneco, priced last week at 85.
Market activity was muted on Wednesday and will likely remain that way in the run-up to Labor Day, the banker said.
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