AssuredPartners, Xplornet set terms; flows of the bank loan funds moderate

By Paul A. Harris

Portland, Ore., May 29 – Leveraged loan prices finished $13.13 off their lows on Thursday, after sustaining a $20.46 price drop between Feb. 21 and March 23, according to a market source who referenced a strategy piece that JPMorgan sent to its clients.

The Friday primary market saw a modicum of activity.

AssuredPartners Inc. cut the discount on its non-fungible $300 million incremental first-lien term loan B due February 2027 to 98, bringing the deal rich to the 96 to 99 price talk.

The 450 basis points spread to Libor and 1% Libor floor is unchanged.

Xplornet Communications Inc. priced its C$1.275 billion U.S. dollar equivalent seven-year covenant-lite first-lien term loan (B3/B-) atop talk, with a Libor plus 475 basis points spread, a 0% Libor floor and an original issue discount of 95.

Netherlands-based equipment rental firm Boels plans to kick off a €985.5 million term loan B due February 2027 at a lender meeting on Tuesday.

The deal is priced with a 400 bps spread to Euribor, with a 0% Euribor floor, at 92 to 93.

And United PF Holdings, LLC plans to take part in a lender call set to get underway at 1 p.m. ET on Monday.

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