First Data, Advantage Sales, Paragon Offshore, Red Lobster break; QoLmeds tweaks deal

By Sara Rosenberg

New York, July 11 – First Data Corp. firmed up its U.S. and euro tranche sizes, and then its new term loans freed up for trading on Friday, and Advantage Sales & Marketing LLC, Paragon Offshore and Red Lobster Management LLC hit the secondary too.

In more happenings, QoLmeds/Genoa Healthcare lowered pricing on its term loan, tightened the original issue discount and extended the call protection, and Ipreo Holdings LLC moved up the commitment deadline on its credit facility.

Also, Boulder Brands Inc. held its lender call, Paradigm Holdco Sarl price talk surfaced, Mallinckrodt International Finance S.A. disclosed timing and size on its term loan and Capsugel FinanceCo S.C.A. and Orbotech Ltd. emerged with new deal plans.

First Data’s recently announced $350 million equivalent upsizing to its first-lien March 2018 term debt was added entirely to the U.S. portion, bringing the size to $4.6 billion from $4.25 billion, and keeping the €311 million tranche size unchanged, according to a market source.

The March 2018 term loans, as well as a $1,008,000,000 first-lien term loan due September 2018, is Libor/Euribor plus 350 basis points with no Libor floor and the debt was sold at an original issue discount of 99½ for rolled and new money commitments.

The other day, the offer price on rolled commitments was changed from 99¾.

With final tranche sizes in place, the debt surfaced in the secondary market, with both the U.S March 2018 and September 2018 loans quoted at 99¾ bid, par offered, the source said.

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