First Data up with planned partial repayment; BJ’s second-lien higher on amendment proposal

By Sara Rosenberg

New York, March 9 – First Data Corp.’s term loans were stronger in trading on Wednesday following news of an expected paydown on one of the loan tranches with bond offering proceeds, and BJ’s Wholesale Club Inc.’s second-lien term loan gained ground with amendment chatter.

First Data’s 2018 term loan was quoted at 99¾ bid, 100 1/8 offered, up from 99 3/8 bid, 99¾ offered, the 2021 term loan was quoted at 99¾ bid, 100¼ offered, up from 99½ bid, par offered and the 2022 term loan was quoted at 99 1/8 bid, 99 5/8 offered, up from 98¾ bid, 99¼ offered, a trader said.

Although the paydown is only expected on the 2018 term loan, the whole loan structure moved up with the news as it was viewed as an overall positive for the debt, the trader added.

In the afternoon, one trader had BJ’s Wholesale Club’s second-lien loan quoted at 86 bid, 90 offered, up from 83½ bid, 85½ offered on Tuesday, and a second trader had the debt quoted at 87 bid, 89 offered, up from 85 bid, 87 offered on Wednesday morning.

In other happenings, Key Safety Systems’ amendment proposal underwent a number of changes before being approved by lenders, and Travel Leaders Group LLC emerged with add-on term loan plans.

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