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Madison IAQ continues to weaken; Citrix Systems rises slightly; GoDaddy holds steady
By Sara Rosenberg
New York, Oct. 24 – Madison IAQ LLC’s term loan was a little lower in trading on Monday on the back of a ratings downgrade by Moody’s Investors Service last week, and Citrix Systems Inc.’s (Tibco Software Inc.) term loan was a touch higher.
Madison IAQ’s term loan was quoted at 90¾ bid, 91¾ offered on Monday by one trader, down from 92¾ bid, 93½ offered prior to the ratings downgrade by Moody’s on Friday. A different trader had the loan quoted on Friday at 91 bid, 92 offered post downgrade news.
On Friday, Moody’s cut Madison IAQ’s term loan rating to B2 from B1 and the corporate family rating was dropped to B3 from B2.
Moody’s said the ratings downgrade reflects the company’s failure to reduce its very high financial leverage following the acquisitions of Nortek Air and Big Ass Fans LLC in 2021.
Meanwhile, GoDaddy Inc.’s recently priced term loan B was unchanged in a secondary market that was described as generally flat with extremely light trading volume.
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