Bids on three BWICs come due; Alpha Media takes second crack at first-lien loan syndication

By Sara Rosenberg

New York, Feb. 11 – There were three Bids Wanted In Competition (BWIC) due during Thursday’s leveraged loan market hours, bringing the total number of BWICs to hit the market this week to four and the total dollar amount to about $518 million.

Investor bids on three BWICs were due on Thursday morning, according to sources who suggested that large outflows from funds have something to do with that number.

One source said that year-to-date, there have been about $1.3 billion in BWICs, versus just of $900 million in the comparable period last year.

Switching over to the primary market, Alpha Media is taking a second try at syndicating and closing on its first-lien term loan that came to market last year but fell apart prior to completion.

Alpha Media is currently working on syndicating its $265 million six-year first-lien term loan, that is now talked at Libor plus 600 basis points with a 1% Libor floor, an original issue discount of 95 and 101 soft call protection for one year, according to a market source.

Citizens Bank and Antares Capital are the lead arrangers on Alpha Media’s first-lien term loan.

Commitments for the first-lien term loan are due on Feb. 19, and a couple of anchor orders have already come in on the deal, the source added.

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