Flexera Software, MedRisk allocate; Consolidated Container launches loan repricing

By Paul A. Harris

Portland, Ore., Jan. 25 – CLO-driven demand for paper is keeping the leveraged loan market well bid, which is the key factor for an investor who took a telephone call on Tuesday.

Retail cash, in particular ETF cash, has tended to be mixed since late last year, the investor said.

However, flows are mildly positive in 2018, to date.

It's conceivable that in a rising-rate environment the stock market might be laying claim to some of that retail cash.

And if the 10-year Treasury hits 3% some retail cash will perhaps migrate into government paper as well, the investor said.

In the primary market, the loan paper of Flexera Software LLC and MedRisk LLC allocated and broke higher.

And Consolidated Container Co. LLC launched the repricing of its $603.5 million term loan B.

In its deal, Flexera Software's upsized $550 million Libor plus 325 basis points eight-year second-lien term loan (B1/B-) priced at 99.75, allocated and traded to 100.75 bid, 101.75 offered. The deal, which was upsized from $525 million, had been talked at 99.50.

The downsized $125 million Libor plus 725 bps second-lien loan (Caa1/CCC+) priced at 99.5 and broke to 101 bid. Initial talk on that tranche was 750 bps to 775 bps at 99.

Both tranches have a 1% Libor floor.

Jefferies LLC, Barclays and Bank of America Merrill Lynch are the bookrunners on the deal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.