Lyons lower with downgrades; McAfee Enterprise retreats with incremental, downgrades news

By Sara Rosenberg

New York, Dec. 22 – Lyons Magnus Inc. (Sierra Enterprises LLC) saw its first-lien term loan soften a little bit in trading on Thursday following downgrades from Moody’s Investors Service to the corporate family and first-lien credit facilities ratings.

Lyons Magnus’ first-lien term loan was quoted at 67˝ bid, 72˝ offered on Thursday, down from 68 bid, 73 offered on Wednesday, after Moody’s cut the company’s corporate family rating to Caa3 from B3 and revolving credit facility and first-lien term loan ratings to Caa2 from B3, a trader remarked. The outlook is negative.

Also, McAfee Enterprise’s (Magenta Buyer LLC) first-lien term loan softened with news of an incremental term loan and downgrades from S&P Global Ratings, and Gulf Finance LLC’s term loan B stabilized in the secondary market after spending a few days on the rise due to the expectation of a partial repayment from a proposed asset sale.

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