Citrix Systems softens, Covetrus basically flat from break levels; Ontic sets price talk

By Sara Rosenberg

New York, Sept. 21 – Citrix Systems Inc. (Tibco Software Inc.) saw its term loan B soften a little in trading on Wednesday from break levels seen in the prior evening, while Covetrus Inc.’s (Corgi BidCo Inc.) first-lien term loan was relatively unchanged from its free to trade levels.

Citrix Systems’ $4.05 billion 6.5-year term loan B was quoted at 90 5/8 bid, 91 1/8 offered by one trader on Wednesday morning, by a second trader at 91 bid, 91¼ offered in the early afternoon and by a third trader around 90 7/8 bid, 91 1/8 offered late in the day. By comparison, the loan freed to trade last night at 91¼ bid, 91¾ offered.

Pricing on the U.S. term loan B is SOFR+10 basis points CSA plus 450 bps with a 0.5% floor and it was sold at an original issue discount of 91. The debt has 101 soft call protection for one year.

The company’s $8.05 billion equivalent credit facilities (B) also include a $500 million equivalent euro 6.5-year term loan B, a $1 billion five-year revolver and a $2.5 billion six-year term loan A.

Meanwhile, in the primary market, Ontic (Bleriot US Bidco Inc.) released price talk on its incremental first-lien term loan in connection with its lender call.

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