ATI, Blue Ribbon, Calpine break; Endo falls with guidance change; Anchor Glass sets changes

By Sara Rosenberg

New York, May 6 – ATI Physical Therapy and Blue Ribbon LLC (Pabst) saw their loans emerge in the secondary market on Friday, and Calpine Corp. finalized pricing on its term loan B-7 at the high end of talk before breaking for trading as well.

ATI Physical Therapy’s $660 million seven-year first-lien covenant-light term loan was quoted at 99¼ bid, 100¼ offered, according to a trader.

Calpine’s B-7 loan was quoted at 99 bid, 99½ offered, a trader added.

Blue Ribbon’s fungible $135 million incremental first-lien term loan (B1) due Nov. 13, 2021 and repriced existing first-lien term loan due Nov. 13, 2021 were quoted at par bid, 100½ offered, according to a market source.

In more trading happenings, Endo International plc’s term loan B weakened on the back of the company’s announcement that full-year financial guidance has been lowered.

Endo’s term loan B dropped to 98¼ bid, 98¾ offered from 99 3/8 bid, 99 7/8 offered, a trader remarked.

Back in the primary market, Anchor Glass Container Corp. increased the size of its add-on term loan, set the spread at the low end of guidance and tightened the original issue discount, and Montreign Operating Co. LLC and Pilot Travel Centers LLC surfaced with new deal plans.

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