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AssuredPartners, Xplornet set terms; flows of the bank loan funds moderate
By Paul A. Harris
Portland, Ore., May 29 – Leveraged loan prices finished $13.13 off their lows on Thursday, after sustaining a $20.46 price drop between Feb. 21 and March 23, according to a market source who referenced a strategy piece that JPMorgan sent to its clients.
The Friday primary market saw a modicum of activity.
AssuredPartners Inc. cut the discount on its non-fungible $300 million incremental first-lien term loan B due February 2027 to 98, bringing the deal rich to the 96 to 99 price talk.
The 450 basis points spread to Libor and 1% Libor floor is unchanged.
Xplornet Communications Inc. priced its C$1.275 billion U.S. dollar equivalent seven-year covenant-lite first-lien term loan (B3/B-) atop talk, with a Libor plus 475 basis points spread, a 0% Libor floor and an original issue discount of 95.
Netherlands-based equipment rental firm Boels plans to kick off a €985.5 million term loan B due February 2027 at a lender meeting on Tuesday.
The deal is priced with a 400 bps spread to Euribor, with a 0% Euribor floor, at 92 to 93.
And United PF Holdings, LLC plans to take part in a lender call set to get underway at 1 p.m. ET on Monday.
Moderating cash flows
The dedicated bank loan funds saw $16 million of nets inflows on Thursday, the most recent session for which data was available at press time, according to a market source.
Bank loan ETFs saw $36 million of inflows on the day, the source said.
Actively managed bank loan funds, however, sustained $20 million of outflows on Thursday, the source said.
The cash flows of the dedicated bank loan funds appear to be moderating, according to the market source.
The combined funds saw $25 million of net inflows in the week to the Wednesday close.
The most recent week's flow is only the fourth positive flow for the bank loan funds in the past 79 weeks, the source said.
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