Kindred, Rock-Tenn break; Reynolds, Nusil talk surfaces; Jarden , Drew Marine tweak

By Sara Rosenberg

New York, March 28 - Kindred Healthcare Inc.'s credit facility freed up for trading on Monday, with the term loan B quoted above its original issue discount price, and Rock-Tenn Co.'s credit facility broke as well.

Also in the secondary market, Rural/Metro Corp.'s term loan headed lower as the company announced that it is being acquired, and Visteon's Corp.'s term loan weakened on repayment news.

Over in the primary, Reynolds and Reynolds Co. released spread guidance on its term loan B as it launched with a call, and NuSil Technology began circulating price talk on its B loan in preparation for an upcoming bank meeting.

Additionally, Jarden Corp. lifted the size of its term loan A as it decided to refinance some additional debt, and Drew Marine reduced pricing on its facility while also adding a leverage-based step-down.

Kindred Healthcare's credit facility made its way into the secondary market on Monday, with the $700 million seven-year term loan B quoted at 99¼ bid, 99¾ offered, according to a trader.

Pricing on the term loan is Libor plus 375 basis points with a 1.5% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protection for one year and a 375 bps ticking fee.

During syndication, pricing on the B loan was increased from Libor plus 350 bps and the Libor floor firmed at the wide end of the 1.25% to 1.5% talk.

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