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Apple Leisure sets bank meeting; Quanex Building sets talk; banks, CLOs bid for quality
By Paul A. Harris
Portland, Ore., Sept. 15 – The bank loan market saw better buyers in reasonably active trading on Tuesday, a trader said.
CLOs have been muted of late, said the trader.
However banks and CLOs are buying lower coupon, higher quality paper, the source said.
Owens-Illinois Inc. paper saw a pretty aggressive 100½ bid this morning, said the trader, adding that the buyer was a bank.
“In this market that’s pretty aggressive, despite the triple B rating.”
Meanwhile separately managed accounts, which are not sitting on a ton of money, are looking at the new issue calendar, the source said.
And retail buyers, because flows have been manageable, are going down the credit spectrum.
A lot of sell-side players remain out of the office because of the Rosh Hashanah holiday, the source mentioned.
Apple Leisure Group plans to offer $460 million of term loan debt to investors at a bank meeting on Thursday, according to a market source.
The deal includes a $330 million first-lien term loan and a $130 million second-lien term loan.
Quanex Building Products Corp. talked its $310 million seven-year covenant-light term loan B with a 375-bps spread to Libor atop a 1% Libor floor, at a reoffer price of 99, according to a market source.
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