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Phoenix gains, Pilot Travel softens with new loan transactions; Anchor Glass frees to trade
By Sara Rosenberg
New York, May 9 – Phoenix Services (Metal Services LLC) saw its term loan move higher in the secondary market on Monday with news of a repayment and amendment and extension proposal, and Pilot Travel Centers LLC’s term loan B was lower with the launch of a refinancing.
Phoenix Services’ term loan strengthened in trading to 99 bid, par offered on Monday from being offered at 99 last week, market sources said.
Pilot Travel Centers’ term loan B softened to par bid, 100 3/8 offered from 100½ bid, 100 7/8 offered, according to a trader.
In more trading happenings, Anchor Glass Container Corp.’s fungible $140 million add-on term loan (B2/BB-) due June 2022 began trading during the session, with levels quoted at par bid, 100¾ offered, a trader said.
Meanwhile, in the primary market, Cision added a euro term loan B to its acquisition financing deal and downsized its U.S. term loan B by the equivalent amount, leaving the total amount of term B debt unchanged.
Cision carved out a €250 million seven-year term loan B from its initially all U.S. dollar $1.1 billion seven-year term loan B (B1/B+), and is talking the euro debt at Euribor plus 575 bps with a 1% Euribor floor, an original issue discount of 98 and 101 soft call protection for six months.
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