Berry Plastics sets terms on repricings; Bombardier Recreational Products sets lender call

By Paul A. Harris

Portland, Ore., June 13 – Bank loans were unchanged on Monday, according to a loan trader based on the East Coast.

An anticipated wave of repricings are staying the hands of investors from chasing loan paper in the secondary market, the trader said.

The cash flows of the dedicated bank loan funds were negative on Friday, with the funds seeing $10 million of outflows on the day, the trader said.

In the primary market Berry Plastics Corp. completed $2,809,125,000 of repriced term loans.

And Bombardier Recreational Products Inc. plans to launch a $700 million seven-year term loan B on a lender call scheduled for Tuesday.

CIBT Holdings Inc. tightened spread talk and shifted proceeds in its $327 million multi-tranche senior credit facility, according to a market source. The shift of proceeds sees $10 million equivalent shifted to the sterling-denominated tranche from the dollar-denominated tranche.

Arbor Pharmaceuticals LLC set a Wednesday bank meeting for its $500 million seven-year covenant-light term loan, according to a market source. Deutsche Bank Securities Inc. is the left bookrunner. Barclays, Citigroup, Goldman Sachs, RBC, Mizuho and KKR Capital Markets are the joint bookrunners.

Advanced Integration Technology set a Wednesday bank meeting to launch a senior secured credit facility to investors, according to a market source.

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