Cash loans were a touch firmer today on moderate volume, despite equities trading off. Overall, names were bid up by a quarter point. Distressed credits continue to be bid better and remain the focus of many investors. Cedar Fair firmed on the news that the Apollo group was going to acquire them. The LCDX13 and closed the day at 100.5-100.75. It was noted today that dealers have begun to scale back liquidity a bit, so becareful out there.
- Regional amusement park operator Cedar Fair LP announced yesterday that it has entered into a definitive merger agreement to be acquired by an affiliate of global alternative asset manager Apollo Global Management, according to a company statement.
- Pinnacle West Capital Corp and its subsidiary Arizona Public Service Co are together seeking a $700 million financing sources said. Bank of America Merrill Lynch and Wells Fargo are leads. No details were given on the structure as yet, according to sources. However, a closing date is slated for mid-February 2010.
- Newspaper firm McClatchy Co is asking to extend its $1.15 billion credit facility by two years from June 2011, sources said. The borrower is offering a 100bp increase in pricing when the extension starts in 2011, according to sources.
- Targa Resources new term loan broke for trading today at 99.75/100.25 and quickly worked its way to 100/100.58. The loan priced at LIB+400 with a 2% LIBOR floor and was issued at an OID of 99.