Lumileds, Foresight, Lightstone, Sterling, Cole-Parmer break; handful of deal updates emerge

By Sara Rosenberg

New York, March 17 – Lumileds (Bright Bidco BV), Foresight Energy LLC, Lightstone Holdco LLC and Sterling Talent Solutions all freed up for trading on Friday, and Cole-Parmer Instrument Co. hit the secondary market after upsizing its first-lien term loan and downsizing its second-lien term loan.

In other news, Capital Automotive LP (CARS) lowered the spread on its first-lien term loan, ON Semiconductor Corp. firmed pricing on its term loan B at the low end of talk, Visteon Corp. modified the issue price on its term loan B, and Highline Aftermarket upsized its term loan, lowered pricing and tightened the new money original issue discount.

Also, AlixPartners LLP, Ultra Resources Inc., Gates Global LLC and Spectrum Brands Inc. released price talk with launch, and CCC Information Services Inc., Chemours Co., Installed Building Products Inc., Unifrax and NPC International Inc. joined the near-term primary calendar.

Lumileds’ $1.15 billion seven-year covenant-light first-lien term loan (Ba3/B+) emerged in the secondary market on Friday, with levels quoted at par ¾ bid, 101¼ offered, according to a trader.

Pricing on the term loan is Libor plus 450 bps with a 1% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months and a ticking fee of half the spread from days 31 to 60 and the full spread thereafter.

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