Citco sets talk with launch; U.S. Silica tenders for term B; Citrix, Parts Authority weaken

By Sara Rosenberg

New York, Oct. 12 – Citco Group launched with a lender call on Wednesday a term loan A and term loan B transaction that would take out its existing term loan B, and U.S. Silica Holdings Inc. emerged with a tender offer for a portion of its outstanding term loan B.

Citco Group held a lender call at 1 p.m. ET on Wednesday to launch $795 million of term loans, split between a $275 million five-year term loan A and a $520 million 5½-year term loan B, a market source remarked.

Talk on the term loan A is SOFR plus 275 basis points with a 0.5% floor and an original issue discount of 98.5, and talk on the term loan B is SOFR plus 375 bps with a 0.5% floor, a discount of 97 and 101 soft call protection for one year, the source continued.

In more happenings, the secondary market was unchanged to down a half a point on the day, with names like Citrix Systems Inc. (Tibco Software Inc.) and Parts Authority (PAI Holdco Inc.) examples of names that dropped.

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