GoodRX, Inspired Education bring deals; loan funds see $175 million outflows on Monday

By Paul A. Harris

Portland, Ore., Oct. 22 – A couple of small deals were announced Tuesday, with both set to kick off with Wednesday lender calls.

GoodRX is in the market with a $155 million fungible incremental first-lien term loan, with proceeds to refinance debt.

And Inspired Education Holdings Ltd. is set to launch a €150 million fungible add-on to its covenant-lite term loan B due May 2026.

The loan comes with a 350 basis points spread to Euribor and a 0% Euribor floor.

The issue price remains to be determined.

The dedicated bank loan funds sustained $175 million of net outflows on Monday, according to a market source.

Bank loan ETFs were slightly positive, with $11 million of inflows on the day.

However, actively managed funds saw hefty outflows of $186 million on Monday, the source said.

The most recent weekly cash flow of the loan funds, an $869 million outflow for the week to the Oct. 16 close, was the fourth consecutive weekly outflow, and the largest weekly outflow since June, the source said.

For the month of October to Monday's close, the JPMorgan Leveraged Loan index is down 0.46%, the market source noted.

On a cash basis the index has relinquished 76 cents on the month to Monday's close, according to the source who added that the composite price of the index was $95.75.

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