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Momentive Performance shops term loan B; RelaDyner readies loan; secondary levels retreat
By Sara Rosenberg
New York, March 13 – In the primary market on Monday, Momentive Performance Materials Inc. approached lenders with a new term loan B, and RelaDyne Inc. joined this week’s calendar with a new incremental first-lien term loan B-2.
Momentive Performance Materials emerged in the morning with plans to hold a lender call at 2 p.m. ET on Monday to launch an $850 million five-year term loan B (Ba3/B+) talked at SOFR plus 400 basis points with a 0% floor, an original issue discount of 97.5 to 98 and 101 soft call protection for six months, according to a market source.
Meanwhile, the general secondary market moved lower over the course of the day, with higher rated paper dropping down about half a point and lower rated paper weakening by over a point.
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