ClubCorp term loan weakens with ratings outlook revision; Applied Systems hits market

By Sara Rosenberg

New York, April 12 – ClubCorp Holdings Inc.’s term loan fell a few points in trading on Wednesday as the company’s rating outlook was revised lower by S&P Global Ratings due to stronger refinancing risk related to the debt.

ClubCorp’s term loan dropped to 92 bid, 93½ offered on Wednesday from 94½ bid, 95½ offered on Tuesday as S&P changed the company’s rating outlook to negative from stable, according to a market source.

The company’s issuer credit rating was affirmed at CCC+ and its senior secured credit facility was affirmed at B-.

Meanwhile, in the primary market, Applied Systems Inc. approached lenders with an incremental first-lien term loan, and Internet Brands and ImageFIRST Holdings LLC joined this week’s new issue calendar.

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