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Affordable Care sets talk; Plaskolite lines up financing; Realogy plans $1.15 billion loans
By Paul A. Harris
Portland, Ore., Oct. 6 – Cash loans traded basically flat on Tuesday, according to a trader.
Investors attempting to move high beta bank loan paper are not getting much traction, the trader remarked.
The LCDX22 index of bank loan credit default swaps ended the session an eighth of a point higher at 100 1/8 bid, 101 1/8 offered, according to a hedge fund manager.
Dedicated bank loan funds saw $85 million of outflows on Monday, the most recent session for which data was available at press time, a market source said.
Affordable Care Inc. talked a $325 million first-lien term loan with a 425 basis points to 450-bps spread to Libor atop a 1% Libor floor at an original issue discount of 99.
A meeting for first-lien lenders is scheduled to take place on Oct. 13 for a $345 million credit facility supporting the acquisition of Plaskolite by Charlesbank Capital Partners.
Park Resorts downsized its seven-year term loan B (B1/B+) to £530 million from £550 million. Spread talk increased to 525 bps from previous talk of 475 bps to 500 bps. Price talk deepened the discount to 98.5 from 99.
And Realogy Holdings Corp. announced in a Tuesday press release that it intends to put in place $1.15 billion of senior secured credit facilities.
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