Acadia, Manitowoc Foodservice, Vizient bring deals; Northeast winter storm dampens trading

By Paul A. Harris

Portland, Ore., Jan. 25 – Winter weather in the Northeastern part of the United States dampened down trading in the bank loan market on Monday, according to a trader based there.

“The market was flat to down maybe a quarter of a point,” the source said, adding that it was absolutely dead.

Bank loans, which demonstrated notable resilience to recent extreme volatility in the global capital markets, appeared to succumb to that volatility in the middle part of last week, the source said.

“It seemed to take hold last Wednesday around noon,” the trader recalled.

“The market fell a point.”

However, news circulated on Thursday that a couple of CLOs were ramping up, and stability returned on Thursday and Friday, the source recounted.

That stability notwithstanding, high-beta credits remain susceptible to the least amount of negative news, the trader remarked.

There was a modicum of news in the primary market on Monday.

Early-to-mid week lender calls and meetings were announced for Acadia Healthcare Co. Inc., Manitowoc Foodservice Inc. and Vizient, Inc.

In other news, Central Security Group, Inc. was scheduled to take part in a lender call on Monday to launch a $50 million incremental first-lien term loan due Oct. 6, 2020 (B2/B-).

And Cheniere Energy Partners, LP has mandated 13 financial institutions to act as joint lead arrangers for approximately $2.8 billion of new credit senior secured facilities.

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