Concordia, GTT Communications break; AmSurg dips with Team Health bid; B&G revises loan

By Sara Rosenberg

New York, Oct. 20 – Concordia Healthcare Corp. and GTT Communications Inc. saw their credit facilities hit the secondary market on Tuesday, and AmSurg Corp.’s term loan was softer in trading after the company announced an acquisition bid for Team Health Holdings Inc.

Concordia Healthcare’s $1.1 billion six-year term loan was quoted at 94¾ bid, 95¾ offered before moving up to 95 bid, 96 offered, a trader said.

GTT Communications’ credit facility freed up for trading too, with the $400 million term loan B quoted bid anywhere from 98¼ to 99 after allocation, with no offers, according to a market source.

Also in trading, AmSurg’s term loan dipped to 99½ bid, par offered from 99 7/8 bid, 100 3/8 offered following news that the company is offering to purchase Team Health for $71.47 per Team Health share, or a total enterprise value of $7.8 billion, a trader remarked.

Moving to the primary market, B&G Foods Inc. increased the size of its term loan B, lowered the spread and firmed the original issue discount at the tight end of talk.

Specifically, B&G Foods raised its seven-year second secured term loan B (Ba3/BB+) to $750 million from $500 million, trimmed pricing to Libor plus 300 bps from talk of Libor plus 325 bps to 350 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

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