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Travelport extended, Radio Systems break; CommScope, MGM rise; MedAssets timing emerges
By Sara Rosenberg
New York, Oct. 25 - Travelport Holdings Ltd.'s extended institutional bank debt hit the secondary market on Monday, and Radio Systems Corp.'s credit facility freed up for trading above its original issue discount price.
Also, CommScope Inc.'s incremental term loan B gained some ground in trading after the company confirmed that it is involved in buyout talks, and MGM Resorts International's term loans were better with news of a partial repayment.
Over in the primary market, MedAssets Inc. nailed down timing on the launch of its credit facility, as did Hanger Orthopedic Group Inc., Gymboree Corp. came out with a targeted date for its bank meeting, and Sports Authority Inc. disclosed plans to launch a new term loan.
Additionally, chatter is that Getty Images Inc.'s credit facility is going really well since its launch just a few days ago and Fifth Third Processing Solutions LLC's bank deal is seeing strong interest, too.
Travelport's extended institutional bank debt started trading on Monday, with the strip of debt quoted at 99 1/8 bid, 99 3/8 offered, according to a trader.
About $1.9 billion of the company's term loan and synthetic letter-of-credit facility was extended by two years from August 2013, leaving little non-extended debt in the capital structure, the trader said.
Pricing on the extended debt is Libor plus 450 basis points, up from pricing on the non-extended debt of Libor plus 250 bps.
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