Russell Investments, Agiliti Health term loans withdrawn; Mitratech discloses price talk

By Sara Rosenberg

New York, March 15 – In the leveraged loan primary market on Wednesday, Russell Investments withdrew its first-lien term loan B amendment and extension and Agiliti Health pulled its term loan refinancing as a result of market volatility.

Also, Mitratech released price talk on its incremental first-lien term loan in connection with its lender question-and-answer session.

Meanwhile, the secondary market in general was softer as investors are facing a lot of uncertainty due to the recent volatility.

Russell Investments shelved its $1.16 billion first-lien term loan B due May 30, 2028 due to market volatility in the wake of the Silicon Valley Bank failure, according to a market source.

Separately, Agiliti Health withdrew its $1.075 billion seven-year term loan B from market for the same reason as Russell Investments – market volatility following the Silicon Valley Bank collapse, a market source remarked.

Mitratech came out with price talk of SOFR+CSA plus 425 bps with a 0.75% floor and an original issue discount of 95 to 96 on its non-fungible $225 million incremental first-lien term loan due May 2028 (B2/B-), according to a market source. CSA is ARCC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The incremental term loan has 101 soft call protection for six months, the source said.

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