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Project Castle launches $1.43 billion loan; Peloton, Barracuda Networks update
By Paul A. Harris
Portland, Ore., May 16 – Monday's new-loan news included the Project Castle Issuer $1.425 billion of seven-year term loan B paper coming in support of the combination of MHS Global and Fortna.
There were pricing updates on the Peloton Interactive, Inc. $750 million five-year term loan B and the Barracuda Networks Inc. $1.72 billion credit facilities backing the leveraged buyout of the company.
Meanwhile Westinghouse Electric Co. plans to launch a $550 million term loan B due August 2025 (existing ratings B2/B) on a Tuesday lender call.
Leveraged loans closed Friday down 2.13% in May after providing modest gains from January through April, according to a market source.
Leveraged loan prices decreased 1.65 points last week to 95.18 with the average price for double B loans decreasing 1.4 points to 96.77, single B loans decreasing 1.83 points to 95.36, and split-single B/triple C loans decreasing 2.06 points to 85.28.
The dedicated bank-loan funds sustained $270 million of net outflows on Friday, the most recent session for which data was available at press time, according to a market source.
Actively managed bank-loan funds saw $184 million of outflows on the day.
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