Citrix Systems term loan B bounces around after CPI data surfaces

By Sara Rosenberg

New York, Oct. 13 – Citrix Systems Inc.’s (Tibco Software Inc.) term loan had a bumpy ride on Thursday, with levels dropping following the release of higher-than-expected Consumer Price Index (CPI) numbers but then rebounding to end the day unchanged.

Citrix, a Fort Lauderdale, Fla.-based provider of secure, unified digital workspace technology, saw its term loan B quoted as low as 88½ bid, 89½ offered after CPI came out, a market source remarked. But, by the end of the day, the loan was quoted at 89¼ bid, 90¼ offered, in line with where it closed out on Wednesday.

The secondary loan market in general was unchanged to down a quarter of point, the source continued. He explained that the day started with the secondary unchanged to up a quarter of point but switched to unchanged to down a quarter of a point with CPI results.

Also, right after CPI was announced, loan trading volumes picked up as some sellers hit the market and some buyers came in to purchase names at discounted levels, the source added.

In the morning, CPI was reported up 8.2% on a year-over-year basis and core CPI was reported up 6.6% year-over-year. CPI was up 0.4% in September on a month-over-month basis and core CPI was up 0.6% in September.

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