CareCore frees to trade; Catalent tweaks size, issue prices; Q Holdings reveals talk

By Sara Rosenberg

New York, Nov. 21 – CareCore National LLC’s add-on term loan B surfaced in the secondary market during Friday’s session with levels seen above its original issue discount price.

Switching to the primary, Catalent Pharma Solutions Inc. upsized its add-on U.S. and euro term loan, updated original issue discounts and moved up the commitment deadline, and Q Holdings released price talk on its loan with launch.

CareCore’s fungible $570 million add-on term loan B began trading on Friday, with levels seen at par bid, par ½ offered, according to a trader.

Pricing on the add-on matches the $313 million existing term loan B at Libor plus 450 basis points with a 1% Libor floor, and the add-on was sold at an original issue discount of 99¼. All of the term loan B debt is getting 101 soft call protection for one year.

During syndication, the add-on loan was upsized from $535 million, the discount was tightened from talk of 98½ to 99 and the call protection was extended from six months.

RBC Capital Markets LLC, Fifth Third Bank and GE Capital Markets Inc. are leading the deal that will be used to fund the acquisition of MedSolutions Inc., and due to the recent upsizing, to repay revolver borrowings and add cash to the balance sheet.

Moving to the primary, Catalent Pharma Solutions increased its fungible add-on U.S. and euro term loan B due May 19, 2021 to $190 million equivalent from $180 million equivalent.

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