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Envision accelerates timing on $5.5 billion; Messer Industries narrows talk
By Paul A. Harris
Portland, Ore., Sept. 25 – In Tuesday's leveraged loan market Envision Healthcare Corp. moved up timing on its $5.05 billion seven-year covenant-light first-lien term loan B (B1/B+) to Wednesday from Monday, Oct. 1.
The market had been anticipating that move.
And Messer Industries tightened price talk for its $2.85 billion equivalent of seven-year first-lien term loans (B1/BB-).
Meanwhile, with the loan market bid above par and hordes of cash to put to work in the senior secured floating-rate asset class, the market is rife for a new wave of repricings, an investor said.
Once the soft call date expires, the wait for the repricing documents will not be long, the source lamented.
As for the cash picture, the dedicated bank loan funds saw $75 million of inflows on Monday, the most recent session for which daily cash flow information was available at press time, the investor said.
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