Veresen Midstream frees to trade; Affinity dips on buyout; Inteva launches restructured loan

By Sara Rosenberg

New York, Aug. 23 – Veresen Midstream’s incremental term loan B made its way into the secondary market on Tuesday above its original issue discount, and Affinity Gaming’s term loan was a bit weaker following news that the company is being acquired by Z Capital Partners LLC.

Veresen Midstream’s fungible $150 million incremental term loan B due March 31, 2022 was seen at 98 7/8 bid, 99 3/8 offered, according to a trader.

Affinity Gaming’s term loan dipped to 100¼ bid, 100¾ offered from 100½ bid, 100 7/8 offered, a trader remarked.

Also in trading, a $63 million Bid Wanted in Competition emerged, with bids due at noon ET on Wednesday, and a $55 million BWIC was announced, with bids due at 10 a.m. ET on Thursday, according to traders.

The $63 million BWIC includes debt from, among others, Aramark, Avis Budget Car, Commscope, Emdeon, Federal-Mogul, Landry’s, NXP Semiconductor, Revlon, Valeant and Wenner Media. There are about 26 issuers in the portfolio, traders said.

Switching to the primary market, Inteva Products LLC relaunched its term loan with a smaller size, higher spread and Libor floor and sweetened call protection.

Inteva’s $180 million five-year term loan is talked at Libor plus 850 bps with a 1.25% Libor floor, an original issue discount of 99 and hard call protection of 102 in year one and 101 in year two, a market source said.

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