Citrix Systems term loan B continues to slide, could impact Brightspeed syndication

By Sara Rosenberg

New York, Sept. 22 – Citrix Systems Inc.’s (Tibco Software Inc.) term loan B continued to slide in trading on Thursday with some suggesting that both general market heaviness and some deal specific items were to blame.

Citrix Systems’ $4.05 billion 6.5-year term loan B dropped to 89¼ bid, 90¼ offered from 90 7/8 bid, 91 1/8 offered on Wednesday, according to one trader, while a second trader had the loan at 89¾ bid, 90¼ offered, down from 90 5/8 bid, 91 1/8 offered in the prior session. Another trader remarked that he saw $10 million of the loan trade at 89¼. On Tuesday night, the loan broke for trading at 91¼ bid, 91¾ offered.

With Citrix’s term loan B now trading below its original issue discount, some sources believe syndication of Brightspeed’s (Connect Holding II LLC) term loan B could be negatively affected and lead to a wider issue price.

In other news, Latam Airlines joined this week’s primary calendar with plans to bring a new term loan B to market.

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