Acxiom's $600 million term loan and Foster Wheeler's $350 million credit facility broke in the secondary market last week. Acxiom broke at 100 1/8-3/8 and continued to trade in that context. Foster Wheeler's letter of credit facility also broke at 100 1/8-3/8.
A dealer said trading was fairly active on the break of Acxiom, though trading volume is not as heavy on breaks, in general, as compared to six months ago. He said deals do not trade as high as they used to on the break and so investors are choosing to hold onto their commitments. JPMorgan leads Acxiom, which is priced at LIBOR plus 1 3/4%. A call to an Acxiom spokesman was not returned by press time.
Another dealer said trading was light on the break of Foster Wheeler. He explained that this was because portfolio managers that have commitments in the credit are waiting to see what kind of allocations they will obtain in the large number of upcoming deals and are therefore are taking their time to decide whether they should sell or build positions on the credit. BNP Paribas leads the Foster Wheeler credit facility, which is priced at LIBOR plus 2%. A spokeswoman declined comment on the trading of the company's debt.