Ascensus, Azelis break; ClubCorp up with refinancing plans; Multiple deals launch in primary

By Sara Rosenberg

New York, Dec. 1 – Ascensus Inc. (JCF Ascensus Holdings Inc.) and Azelis Group saw their term debt free up for trading on Tuesday, and ClubCorp Club Operations Inc.’s term loan was higher as the company launched new debt transactions to, among other things, refinance existing loans.

Ascensus’ $425 million in seven-year first-lien term debt hit the secondary market on Tuesday, with levels quoted at 94½ bid, 95½ offered, according to a market source.

Azelis’ bank debt also broke for trading, with the $325 million seven-year first-lien covenant-light term loan quoted at 98¼ bid, 99¼ offered, a trader remarked.

In more trading news, ClubCorp’s term loan rose to 99 5/8 bid, 100 1/8 offered from 99½ bid, 99 7/8 offered once word emerged that the company is planning on getting a new term loan and notes to replace its existing credit facility and for general corporate purposes, including the execution of its growth strategy, a trader said.

Switching to the primary market, Kraton Polymers LLC, Albertsons Cos. LLC, TierPoint, Edelman Financial Center LLC, MB Aerospace, PLZ Aeroscience Corp. and ProQuest LLC released price talk with launch, and ProAmpac surfaced with new deal plans.

ProAmpac set a call for Wednesday to launch a $245 million add-on first-lien term loan, a market source remarked.

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