Freescale LCDS Tightens On Repricing Move
The loan-only credit default swaps of Freescale Semiconductor tightened about 10 basis points this week to trade around 80-85 on repricing news. Citigroup is leading the amendment, which is cutting pricing from LIBOR plus 2% to LIBOR plus 1 3/4%. The $3.5 billion term loan broke in the secondary in December at 100 3/8-5/8. The LCDS for AMD, another name in the space, were also about five basis points tighter this week.
Reprice News Takes Down Cedar Fair
The Cedar Fair term loan is down after word of a repricing. Bear Stearns is looking to take pricing down 50 basis points to LIBOR plus 2 1/2%, which has caused the tranche to trade around 101 1/8. It had been trading around 101 1/4-101 1/2.
Lear Active Following Icahn Offer
The loan-only credit default swaps of Lear Corp. were active earlier on the week following news Carl Icahn offered to buy the rest of the company he doesn't already own. It traded around 126-136 around 10 to 12 basis points wider.