Intelsat, Panamsat Head Down
The term loans for Intelsat and Panamsat traded down on news of a repricing, both cutting 50 basis points to land at LIBOR plus 2%. Both loans were trading around 100 1/2-101 from 101-101 1/2 after the news.
Tenaska LCDS Active
A newer name has seen a lot of loan-only credit defaults trade. Tenaska, which came to market in December with a new deal, was active. It was trading around 125-130. "It hasn't traded before; it's just a new name to add to the space," one trader said. Credit Suisse and Goldman Sachs led the deal.
UAL Trades On Repricing News
UAL was trading around par 1/8-par 5/8 from par 7/8 to 101 3/8 on news pricing on the credit facility was being cut. JPMorgan and Citigroup lead the deal, which was put in place last winter as exit financing for the airline. Pricing is being cut from LIBOR plus 3 3/4%.