Ciena, AmSurg break; First Data revises discount; Advantage Sales shutting early

By Sara Rosenberg

New York, July 8 – Ciena Corp. set pricing on its term loan at the tight end of guidance, trimmed the Libor floor and then freed up on Tuesday with trading levels seen above the original issue discount, and AmSurg Corp. hit the secondary market as well.

In more happenings, First Data Corp. tweaked original issue discount talk on its term loans, and Advantage Sales & Marketing LLC accelerated the commitment deadline on its credit facility.

Also, Key Safety Systems Inc., Drillships Ocean Ventures Inc. (Ocean Rig), MD America Energy, Cactus Wellhead LLC and iParadigms Holdings LLC, Ferro Corp. and Wausau Paper Corp. disclosed talk with launch.

In addition, Emerald Performance Materials LLC, Outerstuff LLC, National Financial Partners Corp., Osum Production Corp., Meritas School Holdings LLC and Emerald Expositions Holding Inc. emerged with deal plans.

Ciena finalized the spread on its $250 million five-year term loan B (Ba2/BB-) at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, and cut the Libor floor to 0.75% from 1%, while keeping the original issue discount of 99½ and 101 soft call protection for six months intact, according to a market source.

Recommitments were due at noon ET on Tuesday and then the loan made its way into the secondary market in the afternoon, with levels quoted at par bid, par 3/8 offered, a trader remarked.

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