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Yesterday's Trading Recap

Yesterday was a quiet day in the secondary loan market. Everyone had their eyes on the primary market. The only things really traded were recently issued loans; those tend to track equities, which were down on the day. We saw newly issued credit down about a quarter point. BWIC activity was up, with a total of three being announced worth $56.5MM. The BWIC’s were made up of off the run credits, and some issues that are not actively traded in the secondary market. The LCDX13 was active and traded down 15 cents to 98.65/98.85.
 
  • Outdoor products manufacturer Blount Inc has secured a $167 million, two-tranche deal led by GE Capital, GE announced. The deal consists of a $60 million, two-year revolving credit facility and a $107 million term loan. The revolver is priced at LIB+500 while the loan is priced at LIB+350, according to sources. Proceeds amends and extends an existing $300 million deal from March 2006 which originally matures in March 2010.
 
  • Price talk on MEG Energy Corp's new $300 million TLD due 2016 is LIB+400 with a 98.5 OID and a 2% Libor floor, sources said. Price talk on the $150 million revolver due 2013 is LIB+400. The company is also looking to extend up to $763 million of its existing TLD by three years to 2016 at LIB+400 with a 60bp extension fee. An amendment fee of 15bp is on offer to existing lenders.
 
  • Targa Resources outlined price talk and pro forma leverage for the proposed $700 million credit ahead of today's bank meeting in a lenders presentation posted on it website this morning. According to the presentation, the proposed 4.5-year, $150 million revolver is talked at LIB+400-425 with a 75bp unused fee. The 6.5-year, $550 million TLB is also talked at LIB+400-425 with a 2% LIBOR floor.
 
  • Pinnacle Foods' existing TLB rose a point today on a relative-value reassessment after the company tightened the OID on its $850 million add-on term loan from 98 to 99, sources said. The existing TLB is currently 91.25-92.75, up from 90.25 bid yesterday.