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BMC dips with Compuware acquisition news; Duravant frees up; PPD, Micro Focus postponed
By Sara Rosenberg
New York, March 2 – BMC saw its term loan weaken in the secondary market on Monday after it was announced that the company is purchasing Compuware from Thoma Bravo.
The term loan dropped to 95¼ bid, 96¼ offered from 96 7/8 bid, 97 5/8 offered following the news, a trader said.
Compuware’s term loan was quoted at 99¾ bid, par ¼ offered, unchanged on the day, the trader added.
Financial terms of the transaction were not disclosed.
Also, Duravant LLC (Engineered Machinery Holdings Inc.) moved up the commitment deadline for its $155 million incremental first-lien term loan due July 2024 to 4 p.m. ET on Monday from 2 p.m. ET on Tuesday, a market source remarked.
Pricing on the incremental term loan is Libor plus 425 basis points with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.5.
Late in the day, the incremental term loan freed to trade and levels were quoted at 99½ bid, par ¼ offered, another source added.
In more happenings, PPD Inc. and Micro Focus International plc pulled their loan transactions from market, and Tata Chemicals North America Inc. joined this week’s primary calendar.
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