FastMed talks $525 million two-part term loan deal; MHS, LifeMiles set pricing for add-ons

By Paul A. Harris

Portland, Ore., Jan. 24 – The leveraged loan index fell a nickle on Wednesday, to finish with a dollar price of 96.39, well off the low water mark of 94.47, the point at which it quit dropping on Jan. 2, but well below the 99.07 high posted on Oct. 5, 2018, a trader said on Thursday.

The loan index returned 2.36% on the year to Wednesday's close, having marched its way back from the 2.31% decline it posted in December, the source added.

The daily cash flows of the dedicated loan funds remained negative on Wednesday, the most recent session for which data was available at press time.

The funds sustained $260 million of outflows on the day, with bank loan ETFs comprising exactly half of that outflow.

In a relatively quiet session in the new issue market FastMed Urgent Care set price talk for $525 million term loan debt.

The deal features a $400 million seven-year first-lien term loan talked at Libor plus 450 to 475 basis points at 98 to 99.

A $125 million eight-year second-lien term loan is talked at Libor plus 850 to 875 bps at 97 to 98.

MHS, Inc. (Material Handling Systems) talked its $45 million fungible add-on deal.

And LifeMiles Ltd. set pricing for its $75 million add-on term loan B.

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