The loan market had a big day today and was driven up anywhere between and an eighth to a half a point. There were a lot of odd lot sellers in the market today as a lot of PM’s were doing some house cleaning. The primary market was active today with both Targa and TRW Auto’s new term loans allocating and breaking for trading. Visteon took off today after news broke that the company filed a reorganizational plan that will give senior lenders 96.2% of the shares in the company. The loan was trading in the 111/113 context. Travelport’s term loan firmed after news that the travel company is planning a $3.2B IPO. Orbitz was higher in sympathy with the news. Talk of new CLO’s has been popping up all week which has really boosted morale in the market and hungry investors are lining up at the gate waiting to get involved. The LCDX made another push today and is trading at 101.35/101.65.
- Visteon Corp, a bankrupt maker of auto parts, on Thursday, filed a reorganization plan under which secured term loan lenders would end up with 96.2 percent of the shares in the new company. In documents filed with the U.S. Bankruptcy Court in Delaware, Visteon, whose biggest customer is former parent Ford Motor Co, said it would issue new common stock and secured debt in full settlement of the secured term loan lenders' claims.
- Building Materials Holding Corporation said a U.S. Bankruptcy Court has confirmed the company's plan of reorganization, paving the way for the company to emerge from bankruptcy protection on Jan. 4, 2010.
- Clear Channel Worldwide Holdings, an indirect subsidiary of Clear Channel Outdoor Holdings, has upsized its senior note offering to $2.5 billion from $750 million, said IFR, a Thomson Reuters service. Both tranches of the two-part offering due 2017 are being talked at 9.25%-9.5%. Proceeds from the $500 million Tranche A will be used for general corporate purposes, while proceeds from the $2 billion Tranche B will be used to pay down a $2.5 billion intercompany note held by parent company Clear Channel Communications Inc and subsequently to pay down CCU loans.
- Targa Resources' new $500 million term loan B is quoted 100.25-100.75 after the facility broke for trading late yesterday, sources said. The loan was sold at 99. The loan priced at LIB+400, the tight end of talk, with a 2% Libor floor.
- TRW Automotive Inc's new $175 million TLB is currently quoted 100.25-100.625 after breaking earlier at 100.25-100.375, sources said. The new $225 million TLA broke for trading at 100-100.5. Both loans are priced at LIB+475 and were sold at 99.5.
- Navistar Financial Corp, wholly owned subsidiary of Navistar International Corp, this week said it has refinanced its bank credit facility with a new three-year revolving credit facility and term loan totaling $815 million.
- OID on Butler Schein Animal Health's term loan has been tightened to 99.5 from 99 and the size of the tranche has been increased to $320 million from $300 million, sources said. Pricing and the Libor floor remain unchanged at LIB+350 and 2%.