Tosca Services, Duff & Phelps hit secondary; Alkermes pulls term loan B transaction

By Sara Rosenberg

New York, March 6 – Tosca Services LLC reduced the size of its first-lien term loan, increased the spread, modified the Libor floor, widened the original issue discount and sweetened the call protection before breaking for trading on Friday, and Duff & Phelps’ bank debt emerged in the secondary market as well.

Specifically, Tosca’s first-lien term loan was scaled back to $310 million from $325 million by lifting the funded piece to $280 million from $250 million and trimming the delayed-draw piece to $30 million from $75 million.

Pricing on the term loan was flexed to Libor plus 500 basis points from talk in the range of Libor plus 450 bps to 475 bps, the Libor floor was adjusted to 1% from 0%, the original issue discount was changed to 97 from 99 and the 101 soft call protection was extended to one year from six months.

Commitments were due at 11 a.m. ET on Friday and the loan freed to trade later in the day at 97½ bid, 98½ offered.

Duff & Phelps’ $1.225 billion seven-year first-lien term loan began trading in the morning with levels quoted at 99 1/8 bid, 99 5/8 offered.

In more happenings, Alkermes Inc. withdrew its term loan B from market.

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