Loans gain half a point, but outflows continue; Landry's, Everi detail offers

By Paul A. Harris

Portland, Ore., April 8 – Par loans were half a point better on Wednesday morning, a trader said, adding that credit markets are definitely firmer over the past couple of days.

The composite dollar price of loans in the JPMorgan index was $84.79 at Tuesday's close, representing a $7.79 improvement since March 23, according to a market source.

The dedicated bank loan funds sustained $21 million of outflows on Tuesday, the most recent session for which data was available at press time, the source said, adding that the loan funds are tracking $610 million of net outflows in the week to Wednesday's close.

In an extremely quiet new issue market Landry’s Finance Acquisition Co. ratcheted down pricing by 200 basis points on its $300 million senior secured first-lien term loan due October 2023.

The deal will come at a 1,200 bps spread to Libor, versus spread talk of 1,400 bps, the source said.

Discount talk is unchanged at 96.

And Everi Holdings Inc. set pricing on a $125 million incremental term loan due 2024 (//BB) at a 1,250 bps spread to Libor atop a 1% Libor floor, with an original issue discount at 99.

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