Universal Fiber Systems, NN, Physio-Control emerge in secondary; Xerium withdraws term loan

By Sara Rosenberg

New York, Oct. 2 – Universal Fiber Systems LLC’s credit facility freed up for trading during Friday’s market hours, with the first-lien term loan quoted above its original issue discount, and NN Inc. and Physio-Control International Inc. broke as well.

Universal Fiber Systems’ $165 million first-lien term loan (B1) was quoted at 99 5/8 bid, 100 5/8 offered, according to a trader.

NN’s credit facility broke too, with the $525 million seven-year covenant-light term loan quoted at 99 bid, a trader said.

Physio-Control’s new debt also hit the secondary market, with the $40 million incremental first-lien covenant-light term loan due June 5, 2022 seen at 98 bid, 99 offered, a trader remarked.

Meanwhile, in the primary, Xerium Technologies Inc. pulled its term loan from market, and Computer Sciences Government Services Inc. joined the near-term calendar with a launch for bank investors of its proposed credit facility.

Computer Sciences Government Services scheduled a bank meeting in New York on Tuesday to launch its $3.5 billion senior secured credit facility (BB+) to bank investors, according to a market source, who said that a bank meeting for institutional investors has not yet been set.

The credit facility includes a $500 million revolver and $3 billion in term loan A and term loan B debt, with term loan tranche sizes still to be determined, the source added.

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