Bridge Information Systems' debt inched up to 41 from 38 last week in a trade of an undetermined amount. The New York City-based company provides real-time and historical stock data. Calls to Stephen Wilson, cfo, were not returned by press time. A market watcher said the company's biggest problem is it's a direct competitor with financial information provider Bloomberg. As a result, he noted, the company's credit struggled in syndication two years ago. "We looked at it and noticed the syndication process wasn't going well. An underwriter wanted to sell it at 98, and nobody went near it," he said, adding that geography may be the credit's saving grace. "Bridge had regional strength on the West Coast, while Bloomberg is East Coast-focused. But even that's a problem, since the financial centers are in New York and Boston," the dealer added.
Bridge has a $950 million credit facility that expires in 2005. The company sought out the financing for an acquisition. Harris Trust & Savings Bank, Bank of Nova Scotia, and Goldman Sachs lead the deal.