Virgin Mobile USA will likely allocate after Labor Day. The deal is done and was set for allocation last week, but leads JPMorgan and Merrill Lynch will wait for the market to wake up after the holiday. The deal was reworked three times since June and ended up with the $500 million term loan "B" being shopped at 97 to help get it wrapped. The facility also consists of a five-year, $100 million revolver. Both are priced at LIBOR plus 4 1/2%. "It got done, but then died," one investor said about the long lag time. Several investors speculated there will not be a lot of trading in the deal once it does break.
Virgin To Allocate After Labor Day