Samsonite, Shutterfly loans shrug off ratings changes; Fortrea, Covanta, RxBenefits set talk

By Sara Rosenberg

New York, June 1 – In the secondary market on Thursday, Samsonite International SA’s term loans were unchanged following an upgrade of the rating on the debt by Moody’s Investors Service, and Shutterfly LLC’s term loan held steady after the company’s ratings were cut by Moody’s.

Samsonite’s old term loan was quoted at 99½ bid, par ¼ offered on Thursday and its incremental term loan was quoted at 99 7/8 bid, par 3/8 offered, both unchanged on the day, following an upgrade by Moody’s of the senior secured debt rating to Ba1 from Ba2, a market source remarked.

Meanwhile, in the primary market, Fortrea, Covanta Holding Corp. and RxBenefits Inc. (RXB Holdings Inc.) released price talk on their loan transactions in connection with their lender calls.

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