HelpSystems frees up; Sabre sets talk; Rocket, MetroNet, Global Healthcare, Ascensus on deck

By Sara Rosenberg

New York, May 11 – HelpSystems’ bank debt made its way into the secondary market on Tuesday afternoon, with the incremental first-lien term loan bid in line with its issue price and the second-lien term loan quoted above par.

The new loans freed to trade with the fungible $235 million incremental first-lien term loan (B2/B-) quoted at par bid, par ˝ offered and the $355 million second-lien term loan quoted at par ˝ bid, according to a market source.

Pricing on the incremental first-lien term loan is Libor plus 475 basis points with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection through June 22.

The second-lien term loan, of which $65 million is an incremental tranche and $290 million is a repricing of an existing second-lien term loan, is priced at Libor plus 675 bps with a 0.75% Libor floor and was issued at par. This tranche has hard call protection of 102 in year one and 101 in year two.

Meanwhile, in the primary market, Sabre Industries Inc. released price talk on its first-lien term loan with launch, and Rocket Software Inc., MetroNet, Global Healthcare Exchange LLC and Ascensus joined this week’s primary calendar.

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