Bank loans end unchanged; Citrix stages modest improvement

By Paul A. Harris

Portland, Ore., Sept. 27 – Bank loans finished unchanged on Tuesday, outperforming high-yield bonds, with cash bonds falling on the day, according to a New York-based investment banker.

Citrix Systems Inc.’s term loan B improved by about a quarter of a point during the session, heading out Tuesday afternoon at 89½ bid, the banker said.

The $4.05 billion 6.5-year loan, backing the buyout of Citrix by Vista Equity Partners and Evergreen Coast Capital, was 89 bid, 90 offered last Friday.

The dollar-denominated primary market did not generate any news on Tuesday, the banker said.

The market awaits an update on the Brightspeed $2 billion seven-year term loan B.

Price talk of SOFR+10 basis points CSA plus 500 bps with a 0.5% floor and an original issue discount of 92 surfaced last week.

Commitments are due Thursday.

Meantime commitments were due Tuesday on the Farfetch US Holdings Inc. $400 million five-year covenant-lite first-lien term loan B, which is talked at SOFR plus 600 bps to 625 bps with a 0.5% floor and an original issue discount of 95.

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