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Ellucian upsizes; Xerium sets talk; new deals from Greatbatch, SiteOne, Physio-control
By Paul A. Harris
Portland, Ore., Sept. 18 – The LCDX22 bank loan index finished 1/8 of a point lower on Friday at 100¾ bid, 101¾ offered, according to a hedge fund manager.
The cash flows of the dedicated bank loan funds were negative for the most recent reporting period, according to a market source.
The funds sustained $350 million of outflows for the week to Wednesday’s close.
In the primary market Ellucian (Sophia LP) shifted $100 million of proceeds to its term loan B from its junk bond offer, increasing the size of the loan to $1.56 billion.
Xerium Technologies Inc. talked its $495 million seven-year covenant-light term loan B (B2/B) with a 500 basis points spread to Libor with a 1% Libor floor at 99.
And there were new deal announcements from Greatbatch Ltd., SiteOne Landscape Supply LLC and Physio-Control International, Inc.
Greatbatch plans to roll out $1,525,000,000 of credit facilities on Tuesday, according to a market source.
SiteOne Landscape Supply LLC scheduled a bank meeting on Tuesday for its $350 million seven-year first-lien term loan B, according to a market source.
And arranger Citigroup Global Markets Inc. plans to reach out to lenders during a Monday conference call on behalf of Physio-Control International ahead of a new loan deal, according to a market source.
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