Formula 1 launches $2.9 billion; NCI sets talk, PetVet bank meeting Tuesday

By Paul A. Harris

Portland, Ore., Jan. 22 – In a 101 bid loan market, accounts appear restive at the notion that they are facing another wave of repricings, a trader said on Monday.

Whether that wave will be distinguishable from the last wave or the present wave might be debated, the source said, adding that the leveraged loan market seems to be in the throes of an ongoing tide of repricings.

Meanwhile hedge fund activity causes some movement among higher beta loan paper, but it doesn't seem to amount to much, the trader said.

Last week the loan paper of Eastman Kodak Co. traded up to the mid-90s, the trader recounted, but added that it subsequently traded back down to the low 90s.

The primary market continues to operate at flank speed, fueled primarily by the aforementioned repricings.

Formula 1 launched a $2,902,000,000 first-lien term loan refinancing on a Monday.

NCI Building Systems, Inc. set talk for its $415 million covenant light first-lien term loan (Ba3/BB+) at Libor plus 225 basis points to 250 bps.

And PetVet Care Centers, LLC will hold a bank meeting on Tuesday for a $935 million credit facility in five tranches.

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