The term loan for UAL broke last Thursday around 100.375-100.625 and traded up to about par 1/2, though one trader said he wasn't sure why.
It had been trading around par 1/8-par 5/8 from par 7/8-101 3/8 when news of the repricing broke. JPMorgan and Citigroup lead the deal, which was put in place last winter as exit financing. Pricing was cut from LIBOR plus 3 3/4% to LIBOR plus 2% (CIN, 1/15).