Vectra, First Data, PODS free up; Neiman Marcus, Ascena Retail term loans fall some more

By Sara Rosenberg

New York, May 13 – Vectra Co. (Duke Finance LLC) modified the original issue discount on its first-lien term loan and then the debt made its way into the secondary market on Friday, with levels quoted above the revised issue price.

Vectra’s $450 million first-lien term loan due Oct 28, 2021 (Ba3/B) was quoted at 91½ bid, 92½ offered, a trader said.

In addition, First Data Corp. finalized sizes on its incremental U.S. and euro term loans and set issue prices at the tight end of guidance, before breaking for trading during the session, and PODS LLC’s add-on term loan hit the secondary as well.

First Data’s U.S. term loan was seen at par bid, 100¼ offered, a trader remarked.

PODS’ $170 million add-on first-lien term loan B (B2/B) due February 2022 was quoted at 99½ bid, par offered, a trader said.

Also in trading, term loans from Neiman Marcus Group LLC and Ascena Retail Group Inc. slid even lower as the retail sector in general continued to feel pressure, especially after J.C. Penney Co. Inc. announced financial results for its fiscal first quarter that showed sales below expectations.

Switching to the primary market, Cengage Learning Inc. and Victory Capital Operating LLC emerged with new loan plans, and Cypress Semiconductor Corp. came out with timing on the launch of its proposed term loan B.

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