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Intelsat Jackson term loan bid strengthens; Melissa & Doug tweaks term loan
By Sara Rosenberg
New York, March 30 – Intelsat Jackson Holdings SA’s term loan was bid higher in the secondary on Thursday, after gaining a few points in the prior session with news that parent company Intelsat SA is in talks with SES SA for a potential merger.
Intelsat Jackson’s term loan was quoted at 98¾ bid, 99 1/8 offered on Wednesday, up on the bid side from 98½ bid on Tuesday, but down on the offer side from 99½ offered as levels tightened up, a market source remarked. On Tuesday, the term loan was quoted at 96¾ bid, 97¾ offered.
The debt has been on the rise since news surfaced that Intelsat is in discussions with SES on a possible combination.
And, in the primary market, Melissa & Doug (MND Holdings III Corp.) tweaked pricing on its first-lien term loan to add a PIK coupon step-up based on the company’s corporate rating.
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