After a quiet stretch late in the summer, borrowers came back in force. On Tuesday alone, at least seven companies moved to reprice existing loans, and at least 18 loan deals launched overall - the busiest single day since May 18. The push is all about meeting strong demand for floating-rate credit at a time when new issuance has been thin due to slower M&A, even as inflation worries linger.
Global Medical Response's repricing is being marketed with a benchmark spread of roughly 2.75 to 3 percentage points, versus the current 3.25 percentage points. The debt comes due in 2032 and debuted one year ago.
Similarly, Heartland Dental aims to cut the pricing on its 2032 loans by 0.5 percentage point. Other companies seeking to reset terms include Freeport LLC, the liquefied gas exporter, with about $2.18 billion, and brand manager WHP Global with roughly $1.86 billion.
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Repricings dominated the tape, but brand-new money showed up as well. Lenders brought a €2.8 billion offering, roughly $3.3 billion, to finance Platinum Equity's acquisition of an interest in Nestle SA's water division, home to Perrier and S.Pellegrino. Another $1.25 billion deal is backing Veritas Capital's takeover of Saber Power Services LLC.
Those transactions join a $2.1 billion financing that launched last week for KKR & Co. Inc.'s acquisition of Integer Holdings Corp., set with a benchmark premium of 2.75 to 3 percentage points and priced at 99.5 cents per dollar.
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