WireCo changes emerge; Coveris Holdings, SciQuest, Liquid Web on deck with new loans

By Sara Rosenberg

New York, July 19 – WireCo WorldGroup Inc. on Tuesday increased the size of its term loan B as its privately placed second-lien term loan was downsized, reduced the spread on the debt, modified the original issue discount and moved up the commitment deadline.

In more primary happenings, Coveris Holdings SA, SciQuest Inc. and Liquid Web joined this week’s new issue calendar.

Coveris set a conference call for 10 a.m. ET on Wednesday to launch a fungible $350 million-equivalent U.S. dollar and euro add-on term loan (B2) due May 8, 2019 that is talked at Libor/Euribor plus 375 bps with a 1% floor and an original issue discount of 99 to 99.5, a market source remarked.

SciQuest emerged with plans to hold a bank meeting for Thursday to launch a new credit facility, according to a market source, who said that size and structure are not yet available.

Liquid Web set a lender call for 9 a.m. ET on Wednesday to launch $62 million of new loans, split between a $5 million incremental revolver and a fungible $57 million incremental term loan due July 2021, a market source remarked.

Moving to the secondary market, Xerium Technologies Inc.’s term loan was quoted at 99 7/8 bid, 100¼ offered after the company announced plans to repay all of the debt with proceeds from a $475 million senior secured notes offering, a trader remarked.

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