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US LBM term loan weakens; TransDigm, Flow Control disclose talk; Axalta Coating on deck
By Sara Rosenberg
New York, Nov. 29 – US LBM’s first-lien term loan softened in a secondary market on Tuesday that was otherwise described as generally unchanged and the company received ratings downgrades from Moody’s Investors Service.
US LBM’s first-lien term loan was lower in trading on Tuesday, with one trader quoting it at 86¼ bid, 87¾ offered, down from 87 bid, 88½ offered, and another trader quoting it at 85¾ bid, 87¼ offered, down from 87 bid, 88½ offered.
During the session, Moody’s downgraded the company’s senior secured first-lien term loan and corporate family rating to B3 from B2, and senior unsecured notes and senior unsecured PIK toggle notes to Caa2 from Caa1. The outlook remains stable.
Over in the primary market, TransDigm Inc. released price talk on its amended and extended first-lien term loan G in connection with its lender call, Flow Control Group (FCG Acquisitions Inc.) came to market with an incremental first-lien term loan, and Axalta Coating Systems Ltd. joined this week’s new issue calendar.
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