Momentive Performance Materials frees to trade; GlobalTranz discloses price talk

By Sara Rosenberg

New York, April 18 – Momentive Performance Materials Inc. (MPM Holdings Inc.) saw its U.S. term loan B surface in the secondary market on Thursday morning, and the debt was trading above its original issue discount.

Momentive Performance Materials’ $750 million five-year covenant-lite term loan B (B1/B+) was quoted at par bid, 100˝ offered on the open and then it moved up the bid side to 100 1/8 bid, 100˝ offered, according to a market source.

Moving to the primary market, GlobalTranz Enterprises Inc. released price talk on its funded and delayed-draw first-lien term loans in connection with its bank meeting.

Over on the new issue front, GlobalTranz held its bank meeting on Thursday morning and announced price talk for its $310 million seven-year first-lien term loan and $80 million delayed-draw seven-year first-lien term loan at Libor plus 475 bps to 500 bps with a 0% Libor floor and an original issue discount of 99, a market source remarked.

The term loans have 101 soft call protection for six months.

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