Hoffmaster breaks; Syniverse weakens on earnings; Telesat Canada finalizes loan terms

By Sara Rosenberg

New York, Nov. 9 – Hoffmaster Group Inc. finalized the spread on its first-lien term loan at the wide end of guidance and extended the call protection, and then the loan made its way into the secondary market above its original issue discount.

In more trading happenings, Syniverse Holdings Inc.’s new and old term loans headed lower on the back of disappointing quarterly numbers that showed a year-over-year decline in earnings, revenues and adjusted EBITDA.

And Garda World Security Corp.’s non-fungible $125 million add-on first-lien term loan (B1/B/BB+) was quoted at 98 bid, 99 offered, in line with where it freed up for trading on Tuesday afternoon, a market source remarked.

Back in the primary market, Telesat Canada firmed pricing on its term loan B at the low end of talk and sweetened the call protection, TricorBraun released price talk with launch, Midcontinent Communications and SAI Global surfaced with new deal plans, and timing and structure came out on LDiscovery LLC’s loan transaction.

In other news, Berlin Packaging LLC completed its acquisition Italy-based Bruni Glass, a distributor of glass containers, bottles and special glass packaging, a news release said. To fund the acquisition, Berlin Packaging got a new fungible $190 million incremental covenant-light term loan B (B2/B) due October 2021.

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