Valeant Pharmaceuticals sees some improvement; Solera gains; HCA reworks term loan size

By Sara Rosenberg

New York, March 1 – Valeant Pharmaceuticals International Inc.’s term loans were stronger in trading on Tuesday when compared to the previous session as the secondary market as a whole was better and investors had a chance to digest reports of investigations into the company, and Solera Holdings Inc.’s U.S. term loan B was better from its recent break levels.

Valeant Pharmaceuticals’ term loan E and term loan F were quoted at 91¾ bid, 92¾ offered, up from 90½ bid, 92 offered during the prior day, a trader said.

On Friday, the term loans were quoted at 95¼ bid, 95½ offered, so the debt didn’t completely recoup all the losses that piled on after news of the ongoing investigations hit on Monday, the trader added.

Solera’s $1.5 billion U.S. seven-year senior secured term loan B was seen at 97¾ bid, 98½ offered during the session, up from levels of 97½ bid, 98¼ offered when the debt freed to trade late Monday, a trader remarked.

Meanwhile, in the primary market, HCA Holdings Inc. reduced its seven-year term loan B-6 (Ba1/BBB-/BB+) to $1.5 billion from $2 billion and left talk at Libor plus 325 bps to 350 bps with no Libor floor, an original issue discount of 99.5 and 101 soft call protection for one year, according to a market source.

On the flip side, the company upsized its senior secured notes offering to $1.5 billion from $1 billion, the source said.

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