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Quest Software term loans soften with downgrade news; Upfield discloses price talk
By Sara Rosenberg
New York, June 26 – Quest Software’s first- and second-lien term loans headed lower in the secondary market on Monday in reaction to the company’s issuer credit and term loan debt ratings being downgraded by S&P Global Ratings.
Quest Software’s term loans fell in trading on Monday after S&P cut the company’s issuer credit and first-lien credit facility rating to CCC+ from B- and second-lien term loan rating to CCC from CCC+, a trader remarked.
The first-lien term loan was quoted at 77 bid, 80 offered, down from 81¼ bid, 82¾ offered on Friday, and the second-lien term loan was quoted at 68 bid, 72 offered, down from 71½ bid, 73½ offered, the trader added.
Meanwhile, in the primary market, Upfield held a lender call on Monday morning, launching an $883 million term loan B due January 2028 at talk of SOFR plus 475 basis points to 500 bps with an original issue discount of 97.5, a €2.375 billion term loan B due January 2028 at talk of Euribor plus 475 bps to 500 bps with a discount of 97.5, and a £656 million term loan B due January 2028 at talk of Sonia plus 575 bps with a discount of 97, according to a market source.
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