Sedgwick CMS Holdings' $300 million term loan was very active when it broke for trading in the secondary market, said a trader. He said the trading volume on the credit was above average for a deal of its size, but would not comment on how much paper changed hands. It broke at upper par and traded up to 101 1/2.
Bank of America leads the credit, which is priced at LIBOR plus 2% and includes a $40 million revolver. The financing will be used to help fund Fidelity National Financial's $635 million acquisition of Sedgwick. A Fidelity spokesman did not return calls.