NAPA Management frees to trade; ERT revises deadline; Micron Technology talk surfaces

By Sara Rosenberg

New York, April 11 – NAPA Management Services Corp. (NMSC Holdings Inc.) saw its credit facility make its way into the secondary market on Monday, and levels on the term loan B were quoted above the original issue discount.

NAPA Management Services’ $340 million seven-year covenant-light term loan B was quoted at 99¾ bid, 100½ offered, according to a market source.

Meanwhile, in the primary market, ERT (eResearchTechnology Inc.) accelerated the commitment deadline on its credit facility, Micron Technology Inc. released price talk on its term loan B in connection with its bank meeting, and Ciena Corp. joined this week’s new issue calendar.

ERT moved up the commitment deadline on its $540 million credit facility (B1/B) to 5 p.m. ET on Monday from Wednesday, according to a market source.

Talk on Micron Technology’s $500 million six-year senior secured covenant-light term loan B (Baa2/BBB-) came out at Libor plus 600 bps to 625 bps with a 0.75% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, a market source said.

Commitments are due on April 20, the source added.

Ciena emerged with plans to hold a bank meeting at 1:30 p.m. ET in New York on Tuesday to launch a $200 million five-year covenant-light term loan B, a market source remarked.

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