Auction.com hits secondary; Xplore retreats with downgrade; Copeland unmoved by downsize

By Sara Rosenberg

New York, May 30 – Auction.com’s extended term loan B freed up for trading on Tuesday, with the debt bid in line with its original issue discount.

Auction.com’s $426.4 million term loan B due June 2028 made its way into the secondary market on Tuesday, with levels quoted at 95 bid, 96 offered, according to a market source.

Pricing on the term loan is SOFR plus 600 basis points and it was sold at an original issue discount of 95. The debt is non-callable for one year, then at 103 in year two and 101½ in year three.

Also, Xplore Inc. (formerly Xplornet Communications Inc.) saw its first-lien term loan move lower in the secondary market as the company’s ratings were downgraded by S&P Global Ratings.

Also, Copeland’s term loan B levels held steady in trading after the company opted to reduce the size of the tranche as a result of obtaining a term loan A.

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