United Rentals, Allied Universal set talk; SeaWorld repricing launches Tuesday

By Paul A. Harris

Portland, Ore., Oct. 1 – In Monday's leveraged loan market United Rentals (North America) Inc. set talk for its $1 billion seven-year covenant-light term loan B (Baa3/expected: BBB-) at Libor plus 175 basis points to 200 bps.

Allied Universal Holdco LLC talked its $800 million incremental first-lien term loan due July 2022 (B2/B-/BB) at Libor plus 425 basis points to 450 bps with a 1% Libor floor at 99.

And SeaWorld Entertainment, Inc. set a lender call at 1 p.m. ET Tuesday for an approximately $544 million fungible add-on to its term loan B-5 (existing ratings B2/B).

The daily cash flows of the dedicated bank loan funds were positive on Friday, the most recent session for which data was available at press time, a trader said.

The loan funds saw inflows of $130 million on the day including $86 million of inflows to the bank loan ETFs.

Assets under management by loan funds totaled $152.1 billion at Friday's close, according to the trader who added that the figure compares to an all-time high of $153.7 billion in April of 2014.

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