SourceHOV, Vertellus break; TASC rises; INC Research, Block Communications update deals

By Sara Rosenberg

New York, Oct. 29 – SourceHOV LLC and Vertellus Specialties Inc. surfaced in the secondary market on Wednesday, and TASC Inc.’s first- and second-lien term loans were stronger with news of its acquisition by Engility Holdings Inc.

Moving to the primary, INC Research LLC finalized pricing on its term loan B at the low end of guidance, and Block Communications Inc. tightened the spread and original issue discount on its term loan while also adding a pricing step-down.

Furthermore, Panda Stonewall and Express Energy Services LLC released price talk on their deals with launch, and Navex Global, Endemol and US LBM emerged with new loan plans.

SourceHOV’s credit facility freed up for trading on Wednesday, with the $780 million five-year first-lien term loan B (B1/B) quoted at 97¼ bid, 97¾ offered and the $250 million 5½-year second-lien term loan (Caa1/CCC+) quoted at 96¼ bid, 96¾ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 675 basis points with a 1% Libor floor and it was sold at an original issue discount of 97. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 1,050 bps with a 1% Libor floor and was issued at 96. This tranche is non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.