American Tire, Hyperion, ViaWest free up; Planet Fitness, National Financial modify deals

By Sara Rosenberg

New York, March 26 – American Tire Distributors Inc. lowered the spread on its term loan and then began trading on Thursday above its original issue discount, and Hyperion Insurance Group Ltd. and ViaWest hit the secondary as well.

In more happenings, Planet Fitness Holdings LLC tightened the original issue discount on its add-on term loan, and National Financial Partners Corp. upsized its add-on term loan and finalized the offer price at the tight end of guidance.

Additionally, Men’s Wearhouse Inc. and Advantage Sales & Marketing LLC launched their new deals, and Boyd Corp. revealed timing on the bank meeting for its credit facility.

American Tire trimmed pricing on its $720 million 6½-year covenant-light term loan (B2/B-) to Libor plus 425 basis points from talk of Libor plus 450 bps to 475 bps and kept the 1% Libor floor, original issue discount of 99½ and 101 hard call protection for one year intact, according to a market source.

Recommitments were due at noon ET on Thursday, and with final terms in place, the debt made its way into the secondary market on Thursday, with levels seen at 99 7/8 bid, par 3/8 offered, a trader remarked.

Bank of America Merrill Lynch is leading the deal that will be used to refinance existing term loan borrowings.

Hyperion Insurance Group’s credit facility broke as well, with the $750 million seven-year term loan B quoted at par ¼ bid, par ¾ offered, a trader said.

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