INC Research, Block break; CRC rises; Pabst, Citadel, Norwegian update deals

By Sara Rosenberg

New York, Oct. 30 – Deals from INC Research LLC and Block Communications Inc. freed up for trading on Thursday, and CRC Health Group Inc.’s term loans headed higher on the back of news that the company is being acquired by Acadia Healthcare Co. Inc.

Switching to the primary, Pabst Brewing Co. (Blue Ribbon LLC) set the spread on its first-lien term loan at the high end of talk and on its second-lien term loan at the low end of talk, Citadel Plastics Holdings Inc. shifted some funds between its term loans and updated the spread and call protection on its first-lien tranche, and Norwegian Cruise Line Holdings Ltd. revised its term loan sizes.

In addition, Navex Global disclosed price talk on its credit facility with launch, and Great Wolf Resorts Holdings Inc., Bridon Ltd. and Creganna-Tactx Medical surfaced with new deal plans.

INC Research’s credit facility broke for trading on Thursday with the $425 million seven-year term loan B quoted at 99½ bid, par ¼ offered, according to a trader.

Pricing on the term loan is Libor plus 375 basis points with a 25 bps step-down after a minimum $75 million initial public offering and leverage of less than 4 times. The debt has a 1% Libor floor and 101 soft call protection for six months and was sold at an original issue discount of 99.

Recently, pricing on the B loan firmed at the tight end of the initial Libor plus 375 bps to 400 bps talk.

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