Penn Products, Nortek surface with deal modifications; Concordia Healthcare sets price talk

By Sara Rosenberg

New York, March 30 – Penn Products Terminals LLC increased the size of its revolver and term loan B on Monday while also trimming pricing on the tranches, updating talk on the B loan’s original issue discount and accelerating the commitment deadline.

Also on the new deal front, Nortek Inc. upsized its add-on term loan, tightened the offer price and moved up the commitment deadline, and Concordia Healthcare Corp. disclosed price talk on its term debt with launch.

In addition, Air Medical Group Holdings Inc. revealed timing and structure on its buyout financing, and Mitel Networks Corp. and Polymer Group Inc. emerged with plans to launch their loans this week.

Penn Products Terminals lifted its five-year revolver to $150 million from $125 million, its seven-year term loan B to $600 million from $575 million, and lowered pricing on both tranches to Libor plus 375 basis points from talk of Libor plus 425 bps to 450 bps on Monday, according to a market source.

Also, original issue discount guidance on the term B was adjusted to 99 to 99½ from just 99, the source said, while the 1% Libor floor and 101 soft call protection for one year were unchanged.

Commitments are due at 2 p.m. ET on Tuesday, moved up from Wednesday.

Morgan Stanley Senior Funding Inc. is leading the now $750 million credit facility that will be used to help fund the buyout of the company by ArcLight Capital Partners.

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