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JDA gains on equity investment; Science Applications, California Pizza, GCP, Topps break
By Sara Rosenberg
New York, Aug. 19 – JDA Software Group Inc.’s first- and second-lien term loans headed higher in trading on Friday after the company announced an agreement for a new equity investment from Blackstone and New Mountain Capital.
JDA Software’s first-lien was quoted at 99¾ bid, 100¼ offered on Friday, up from 99¼ bid, par offered, and the second-lien term loan was quoted at par bid, 101 offered, up from 97½ bid, 100½ offered, according to a market source.
Also, Science Applications International Corp. (SAIC) reduced the size of its term loan B with an upsize of its term loan A and finalized pricing on the B loan at the low end of guidance before freeing up for trading during the session.
Science Applications’ term loan B made was quoted at 100½ bid, 101 offered, a trader said.
Other new deals to make their way into the secondary market included California Pizza Kitchen Inc., GCP Applied Technologies Inc. and Topps Co. Inc.
California Pizza Kitchen’s $290 million six-year first-lien term loan (B2/B) was seen at 99¼ bid, 100¼ offered, and the $75 million seven-year second-lien term loan (Caa2/CCC) was seen at 97½ bid, 98½ offered, a trader remarked.
GCP Applied Technologies’ $275 million term loan B due February 2022 was quoted at 100¼ bid, 100¾ offered, a market source said.
Topps’ $130 million term loan due October 2020 (B1/B) was seen at 99½ bid 100¼ offered, according to a trader.
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