US LBM, PetVet, Vertiv, Whatabrands bids rise; Mitratech firms incremental loan terms

By Sara Rosenberg

New York, March 22 – The secondary market in general was unchanged on Wednesday; however, some names that trade below par – such as US LBM, PetVet Care Centers LLC, Vertiv Holdings Co. and Whatabrands LLC (Whataburger) – outperformed the market.

The general feel in the secondary market on Wednesday was that levels were essentially flat, but some “discounted” names that trade below par did rise as a result of CLO interest, a market source remarked.

For example, US LBM, a Buffalo Grove, Ill.-based distributor of specialty building materials, saw its first-lien term loan quoted at 92½ bid by the end of the day, up from 90¼ bid, 91¼ offered earlier in the session and 89¾ bid, 90¾ offered on Tuesday, the source continued.

Meanwhile, in the primary market, Mitratech finalized the original issue discount on its incremental covenant-lite first-lien term loan at the wide end of guidance.

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