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Spirit AeroSystems $594 term loan B comes rich at 97; loan funds see $106 million Monday outflows
By Sara Rosenberg and Paul A. Harris
New York, Nov. 8 — Spirit AeroSystems priced a $594 million SOFR plus 450 basis points senior secured five-year covenant-lite first-lien term loan B (expected ratings Ba2/BB-) at 97 on Tuesday.
The deal, which came at the rich end of the 96 to 97 price talk, broke to 97½ bid, 98½ offered, a market source said.
Fund flows
In other news, the dedicated bank loan funds sustained $106 million of net outflows on Monday, the most recent session for which data was available at press time, according to a market source.
Actively managed loan fund flows were negative $85 million and loan ETFs were negative $21 million.
Outflows for loan funds week-to-date total an estimated $458 million, the source said, adding that outflows in the prior week totaled $53 million.
Loan indices rise
IHS Markit’s iBoxx loan indices were higher on Monday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.16% and the Liquid Leveraged Loan indices (LLLi) closing out the day up 0.2%.
Month to date, the MiLLi is up 0.45% and year to date its down 2.31%. The LLLi is up 0.53% month to date and down 2.92% year to date.
Average secondary market bids in the U.S. on Monday were 92.39, down 4.61% year to date.
According to the IHS Markit data, some of the top advancers on Monday were Trinseo’s May 2018 covenant-lite term loan B at 94.75, up from 88.25, Prince International/Chromaflo/Ferro’s April 2022 covenant-lite term loan B at 78.75, up from 76.56, and Convergeone’s January 2019 covenant-lite term loan at 64.16, up from 63.05.
Some top decliners on Monday were Weight Watchers’ April 2021 covenant-lite term loan B at 60.83, down from 62.81, RSA Security’s April 2021 term loan at 68.93, down from 70.79, and Phoenix Services International’s January 2018 term loan at 20.50, down from 20.88.
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