SI Group flat post downgrade; FR Refuel loan changes surface; KITO Crosby releases talk

By Sara Rosenberg

New York, Oct. 23 – SI Group’s (Polar US Borrower LLC) first-lien term loan held steady in the secondary market on Monday following a downgrade by Moody’s Investors Service of the corporate family rating, senior secured first-lien rating and senior unsecured notes rating.

Meanwhile, in the primary market, FR Refuel LLC decreased the size of its non-fungible incremental first-lien term loan and widened the original issue discount.

Also, KITO Crosby (Crosby US Acquisition Corp.) released original issue discount talk on its incremental first-lien term loan in connection with its lender call, and ITP Aero (Propulsion (BC) Newco LLC) and Colibri joined this week’s new issue calendar.

SI Group’s first-lien term loan was quoted at 78¼ bid, 79¼ offered, unchanged from Friday’s levels, as the company’s ratings were cut by Moody’s, a market source remarked.

Late Friday, Moody’s downgraded the company’s corporate family, first-lien term loan and first-lien revolving credit facility ratings to Caa1 from B3 and senior unsecured notes rating to Caa3 from Caa2. Also, the outlook was revised to negative from stable.

Switching to the primary market, FR Refuel scaled back its non-fungible incremental covenant-lite first-lien term loan due Nov. 8, 2028 to $100 million from $120 million and changed the original issue discount to 96 from 97, according to a market source.

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