Dynacast, Paris Presents free to trade; Charter NEX, Altice, Heartland Dental changes emerge

By Sara Rosenberg

New York, Jan. 29 – Dynacast International’s term loans made their way into the secondary market on Thursday with both the first- and second-lien debt quoted above their original issue discounts, and Paris Presents Inc. began trading as well.

Moving to the primary, Charter NEX US Holdings Inc. trimmed spreads on all tranches under its credit facility and extended the call protection on its first-lien term loan, and Altice International reverse flexed pricing on its term loan B debt and modified the call premium.

Furthermore, Heartland Dental Care LLC widened the original issue discount on its add-on term loan, and Targa Resources Corp. and AssuredPartners Capital Inc. released talk with launch.

Dynacast’s new term loans freed up for trading on Thursday with the $530 million seven-year first-lien tranche (Ba3/B) quoted at 99½ bid, par offered before it moved up to 99¾ bid, par ¼ offered, and the $170 million eight-year second-lien tranche (Caa1/B-) quoted at 99½ bid, according to a trader.

Pricing on the first-lien term loan is Libor plus 425 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 850 bps with a 1% Libor floor and was issued at a discount of 98. This tranche has call protection of 102 in year one and 101 in year two.

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