A trio of new issues broke for trading today, with all three changing hands above par. Rainbow Media’s $600 million “B” loan, led by Bank of America and J.P. Morgan, broke at 101 1/4, bounced around and was seen trading in the 101 1/8-101 3/8 context, a trader said. Standard Aearo’s $260 million “B” loan broke at 101 1/4 and was later seen changing hands in the 101 1/8-101 3/8 context, another dealer added. This loan is led by J.P. Morgan, Lehman Brothers and Credit Suisse First Boston (LMW, 7/30).
PanAmSat Corp.’s $1.66 billion “B” loan, meanwhile broke at 100 3/8-100 5/8, traded down to the 100-100 1/4 context, and stabilized at 100-100 1/8, a dealer said. Both PanAmSat and Rainbow’s “B” are price at LIBOR plus 2 3/4%. An investor relations official at PanAmSat and a spokesperson at Rainbow did not return calls. Officials at Standard Aearo, could not provide immediate comment.