Oversubscribed Tacala prices, allocates; Convergint shifts funds, tightens pricing

By Paul A. Harris

Portland, Ore., Jan. 26 – The term loans of Staples fell briefly on Friday on news reports that chief executive officer Shira Goodman is leaving the company.

The loan paper got as low as 98½ bid, down ¾ of a point, before the Street realized there was nothing in the story likely to impact the company's credit profile, a trader said.

That determination made, the loans regained the lost ground.

Elsewhere the retail cash flows of the dedicated leveraged loan funds were positive in the most recent week, the trader said.

The funds saw $477 of inflows in the week to last Wednesday's close.

The Thursday daily cash flows to the loan funds were also positive at $35 million, the source said.

In the primary market an oversubscribed Tacala Cos. $335 million Libor plus 325 basis points first-lien term loan priced at 99.75 and allocated on Friday.

And Convergint Technologies (Gopher Sub Inc.) moved $45 million of funds into its new first-lien term loan from the second-lien tranche and narrowed pricing on all the term loans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.