The loan market picked up where it left off after the long holiday weekend, with another crop of loans from well-regarded issuers to refinance upcoming loan maturities. The new-issue high-yield market was dormant in the post-Thanksgiving week for the first time since 2008, while there were several news-driven movers in the secondary, such as Altice USA, Bausch Health, Cubic Corp. and Mohegan Tribal Gaming Authority.

Refinancing activity drove weekly launched volume higher to $8.5 billion but yielded just $1 billion on a net basis across 11 transactions. Investor demand for well-rated deals yielded a trio of reverse flexes and no deals widening last week.

Portfolios in brief: Holds reflect the most recent reporting period available

Audax, Franklin BSP: Flow Control (B3/B) – M&A

Investors received allocations of Flow Control Group’s $90 million incremental term loan (S+475, 0.5% floor), which was issued at 95. KKR Capital Markets was left lead on the deal, which priced at the tight end of talk. Proceeds fund M&A. The loan is fungible with the issuer’s $200 million incremental term loan due 2028. KKR-backed Flow Control is an independent specialty flow control and fluid handling distribution platform throughout North America. Audax Credit BDC Inc. holds about $1.7M of the existing first-lien debt due March 2028 (L+475, 0.5% floor), while Franklin BSP Capital LLC holds $4.5M of the debt due June 2026 (S+550).

BCRED: Entain fka GVC Holdings (Ba1/BB/BB) – Refi

Accounts received allocations of the $375 million add-on term loan for Entain (S+350, 0.50% floor), which was issued at 98.75. Deutsche Bank was left lead on the deal, which priced tight to original talk and was upsized from $250 million. The proceeds from the add-on to the dollar tranche will repay a portion of its €1.125 billion term loan maturing in March 2024 while the gaming concern is concurrently extending the €800 million of the 2024 loan by 4.25 years to June 2028; note the euro tranche was also upsized from an initial target size of €500 million. With the increase to the deal, the issuer will fully refinance and extend the 2024 euro loan, versus leaving a €385 million stub outstanding, as originally proposed. Blackstone Private Credit Fund holds nearly $5M of the existing first-lien debt due March 2027 (L+250, 0.5% floor), while its BCRED Emerald JV LP holds close to $3M.

Audax, BCRED, FCRD: Restaurant Holdings (B2/B) – Refi, GCP

Investors received allocations of Restaurant Technologies’ $75 million add-on green term loan (S+425, 0.5% floor), which was issued at 97.75. Morgan Stanley was left lead on the deal, which refinances revolver borrowings and funds general corporate purposes. The loan is fungible with the $806 million green TLB due April 2029 from March that backed ECP’s acquisition of a majority stake in the business from Goldman Sachs Asset Management. Restaurant Technologies, based in Mendota Heights, Minn., offers fresh cooking oil delivery, used cooking oil removal, and remote monitoring and data analytics services. Holders of the existing first-lien debt include Audax Credit BDC Inc. ($995K), BCRED Emerald JV LP ($19.9M) and First Eagle Credit Opportunities Fund (~$2M).

ORCC, Audax, HPS: Vistage Worldwide (B2/B) – M&A

Golub Capital launched a $44 million fungible add-on to Vistage Worldwide’s first-lien term loan, with proceeds to fund an acquisition. The incremental loan will be fungible with the advisory company’s $445 million first-lien term loan due 2029 (S+525, 0.75% floor), which priced in July to support the LBO of the company by Gridiron Capital. Financing also included a privately placed $135 million second-lien term loan. Holders of the existing first-lien debt include Owl Rock Core Income Corp. ($5M), Audax Credit BDC Inc. ($1M) and HPS Corporate Lending Fund ($1M).