Houston Fuel, CCM Merger, Miller Heiman break; Orbotech, Abercrombie revise deals

By Sara Rosenberg

New York, July 31 – Houston Fuel Oil Terminal Co.’s (HFOTCO LLC) credit facility made its way into the secondary market on Thursday with the term loan seen above its original issue discount, and CCM Merger Inc. (MotorCity Casino Hotel) and Miller Heiman freed up, too.

Also, Orbotech Ltd. raised pricing on its term loan, revised the original issue discount and extended the call protection, and Abercrombie & Fitch Co. downsized its term loan B and increased the spread as well as the Libor floor.

In addition, St. George’s University accelerated the commitment deadline on its credit facility, and Blackboard Inc. removed its term loan B-4 from market.

Furthermore, Charter Communications Operating LLC, Cole-Parmer Instrument Co. (CPI Buyer LLC) and Golden State Medical Supply disclosed talk with launch, and BWAY Holding Co. and Acosta Sales & Marketing are readying new deals.

Houston Fuel Oil Terminal’s credit facility began trading on Thursday, with the $550 million seven-year covenant-light term loan B quoted at 99 5/8 bid, par 1/8 offered, according to a trader.

Pricing on the B loan is Libor plus 325 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.

During syndication, pricing on the term loan B firmed at the low end of the Libor plus 325 bps to 350 bps talk and the discount tightened from 99.

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