Bank loans higher; Science Applications talks $570 million; loan funds see miniscule outflow

By Paul A. Harris

Portland, Ore., April 9 – Bank loans were ¼ point to ½ point higher on Thursday, according to a trader.

Meanwhile the cash flows of the dedicated bank loan funds were flat during the latest week, according to a market source.

The funds saw $4 million of outflows in the week to Wednesday's close, according to a weekly report from Lipper AMG.

In other news, Science Applications International Corp. set price talk on its $570 million senior secured term loan B due 2022 (Ba2/BB) at Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99.5.

Access CIG, LLC is talking its $50 million first-lien term loan add-on due October 2021 (B2/B) at Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

Sesac set pricing on $115 million of loans on Thursday. The company is shopping a $90 million six-year second-lien term loan with an 800 bps spread to Libor and a 1% Libor floor at 98.5.

And a $25 million add-on to its existing first-lien term loan has a 25 bps increase to the Libor spread, taking it to 425 bps. There is a 1% Libor floor. The deal is discounted to 99.26 for new money accounts.

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