B&M Retail’s loan trades up, more retailers to follow
B&M Retail’s term loan ‘B’ traded up on Tuesday, after arrangers finished syndication of the oversubscribed buy-out loans on Monday. Its good performance — along with Iceland’s successful repricing of its loans and Douglas’s senior and subordinated LBO financing signed in December — are all positive signs for the cyclical retail sector and could lure more to the market, said bankers.
UK budget retailer B&M Retail allocated its £35m seven year term loan B at 98.5 at 550bp over Libor. By midday on Tuesday, the notes were trading around 99.25.
"B&M is at the value side of the retail space," said a leveraged finance banker close to the transaction. "Not
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