Ineos, Headwaters, Tank, Surgical Care hit secondary; Valeant, Wabash National modify deals

By Sara Rosenberg

New York, March 12 – Ineos Finance plc’s new bank debt freed up for trading on Thursday, with the U.S. term loan B quoted above its original issue discount, and Headwaters Inc., Tank Holding Corp. and Surgical Care Affiliates Inc. emerged in the secondary as well.

Meanwhile, in the primary market, Valeant Pharmaceuticals International Inc. downsized its term loan B, lowered the spread and tightened the original issue discount, and Wabash National Corp. reduced pricing on its term loan.

In addition, Ferrara Candy Co. moved up the commitment deadline on its add-on term loan, Walgreens Infusion Services, Intertain Group Ltd. and FullBeauty Brands released price talk with launch, and Alvogen emerged with new loan plans.

Ineos Finance’s $625 million seven-year senior secured covenant-light term loan B began trading on Thursday with levels seen at 99 7/8 bid, par 3/8 offered, according to a trader.

Pricing on the U.S. term loan B, as well as on an €850 million seven-year senior secured covenant-light term loan B, is Libor/Euribor plus 325 basis points with a 1% floor, and it was sold at an original issue discount of 99˝. There is 101 soft call protection for six months.

During syndication, the total amount of term debt was upsized to €1.4 billion equivalent from €750 million equivalent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.