Speedcast loan weakens in trading post earnings, acquisition news; Refinitiv sets launch

By Sara Rosenberg

New York, Aug. 28 – Speedcast International Ltd.’s term loan softened in the secondary market on Tuesday after the company announced financial results for the six-month period ended June 30, lowered full year EBITDA guidance and outlined plans to use debt for the purchase of Globecomm Systems Inc.

Speedcast’s term loan fell to 99¼ bid, par offered from par 1/8 bid, par 5/8 offered.

For the first half of the year, the company reported group revenue of $304.9 million, up from $246.3 million in the first half of 2017.

In more happenings, firm timing surfaced on the launch of Refinitiv’s U.S. and euro term loan B debt.

Refinitiv set a bank meeting in London for Sept. 4 and a bank meeting at 11 a.m. ET in New York for Sept. 5 to launch its previously announced $5.5 billion seven-year covenant-light term loan B and $2.5 billion equivalent euro seven-year covenant-light term loan B, a market source said.

Talk had been that the bank meeting would occur next week and that Sept. 5 was the potential date of the U.S. launch, but firm timing was unavailable until now.

The company is also expected to get a $750 million revolver.

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