Global Brass, PCI Pharma break; Diamond Resorts gains on buyout; Gymboree up with asset sale

By Sara Rosenberg

New York, June 29 – Global Brass and Copper Holdings Inc. lowered pricing on its term loan B and added a step-down, and then the debt freed up for trading on Wednesday, and PCI Pharma Services’ credit facility hit the secondary as well.

Global Brass’s loan had levels were seen at 99¾ bid, 100¼ offered, a trader added.

PCI Pharma Services’ $460 million first-lien term loan (B) was quoted at 99½ bid, 100½ offered, and the $205 million second-lien term loan (CCC+) was quoted at 97½ bid, 98½ offered, a trader remarked.

Also in trading, Diamond Resorts International Inc.’s term loan was better with buyout news, and The Gymboree Corp.’s term loan strengthened on the back of an asset sale announcement.

Diamond Resorts’ term loan strengthened to 99 7/8 bid, 100¼ offered from 98 bid, 99 offered after it was revealed that the company is being acquired by Apollo Global Management LLC for $30.25 per share or about $2.2 billion, according to a trader.

Gymboree’s term loan moved up to 77½ bid, 78½ offered from 74½ bid, 75½ offered in reaction to the late Tuesday announcement that the company is selling its early childhood development business, Gymboree Play & Music, to Zeavion Holding, a trader remarked.

Back in the primary market, Microsemi Corp. increased the size of its incremental senior secured term loan A, and Plum Healthcare Group LLC brought a new credit facility to market.

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