QoLmeds breaks; Gymboree dips with CFO resignation; Ceridian softens on refinancing

By Sara Rosenberg

New York, July 14 – QoLmeds/Genoa Healthcare’s credit facility freed up for trading on Monday with levels on the term loan seen above its original issue discount, Gymboree Corp.’s term loan weakened as a management changewas announced, and Ceridian LLC’s bank debt was bid lower with refinancing news.

Moving to the primary market, Energy & Exploration Partners LLC modified the original issue discount on its term loan, and Hilex Poly LLC reduced the spread on its term loan and extended the call protection.

Additionally, Amaya Gaming Group Inc. (Amaya B.V. and Amaya (US) Co-Borrower LLC) timing surfaced, and Abercrombie & Fitch Co., Styrolution, CSM Bakery Solutions LLC, Burlington Coat Factory Warehouse Corp., Chrysaor Ltd., QSR (QSRH Borrowing Co. pty Ltd. and US Finco LLC) and inVentiv Health joined this week’s calendar.

QoLmeds/Genoa Healthcare’s credit facility hit the secondary market on Monday, with the $285 million six-year covenant-light term loan quoted at par bid, 101 offered, according to a market source.

Pricing on the term loan is Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99½. There is 101 soft call protection for one year.

Last week, pricing on the term loan was lowered from Libor plus 500 bps, the discount tightened from 99, the call protection was extended from six months and the MFN sunset provision was eliminated.

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