Lago Resort breaks; Neiman Marcus under pressure with sector concerns; GCA updates surface

By Sara Rosenberg

New York, Feb. 19 – Lago Resort & Casino LLC’s bank debt made its way into the secondary market on Friday, with the downsized first-lien term loan and the second-lien term loan bid in line with their original issue discounts.

Lago Resort & Casino’s $225 million six-year first-lien term loan (B2/B+) was quoted at 98 bid, 99 offered, and the $85 million 6.5-year second-lien term loan (Caa2/CCC+) was quoted at 97¼ bid, 98¼ offered, according to a market source.

In more trading happenings, Neiman Marcus Group LLC’s term loan softened by a few points after Nordstrom Inc. released disappointing earnings results that created some investor nervousness regarding the retail sector.

Neiman Marcus’ term loan dropped to 82¾ bid, 83¾ offered from 85¼ bid, 86¼ offered.

Moving to the primary market, GCA Services Group Inc. firmed the issue price on its first-lien term loan at the wide end of guidance, and Imagine! Print Solutions LLC joined the near-term new issue calendar.

GCA Services Group firmed the original issue discount on its $515 million seven-year covenant-light first-lien term loan (B1/B) at 98, the wide end of the 98 to 98.5 talk, a market source remarked.

Imagine! Print Solutions set a bank meeting for 10 a.m. ET on Wednesday to launch a $360 million credit facility (B2/B), according to a market source.

© 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.