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Navistar gains on Volkswagen Truck alliance; Cablevision dips; Xplornet breaks atop OID
By Sara Rosenberg
New York, Sept. 6 – Navistar International Corp.’s term loan jumped higher by a number of points in trading on Tuesday after the company announced the formation of a strategic alliance with Volkswagen Truck & Bus.
Navistar’s term loan was quoted at par bid, 101 offered, up from 94½ bid, 95½ offered, a trader said.
Also in the secondary market, Cablevision Systems Corp.’s term loan B softened a little with partial refinancing news, and Xplornet Communications Inc.’s credit facility freed up for trading.
Cablevision’s term loan B due October 2022 fell to 100 3/8 bid, 100 7/8 offered from 100¾ bid, 101 1/8 offered, a trader remarked.
Xplornet Communications’ $285 million five-year term loan (B1/B) was quoted at 99¾ bid, 100¼ offered on the break, and then it moved up to par bid, a market source said.
Switching to the primary market, LANDesk Software disclosed tranching and price talk on its credit facility with launch, and Ineos Styrolution Group GmbH, Badger Sportswear, Allison Transmission Inc. and Solaray LLC joined this week’s new issue calendar.
In addition, Intellectual Property & Science (Camelot Finance LP) came out with timing and structure on its credit facility, bank meeting dates surfaced on Polycom Inc., Coinstar, Epiq Systems Inc. and Dell Software Group’s loan transactions, and Floor & Decor emerged with new deal plans.
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