Level 3 loans rise; Pharmaceutical Product sets launch, talk; Asset Acceptance tweaks

By Sara Rosenberg

New York, Nov. 4 - Level 3 Financing Inc.'s new term loan B III headed up on Friday from its recent breaking levels as the paper had its first real day of trading, and its term loan B II regained some of the losses posted upon news of the B III.

Over in the primary, Pharmaceutical Product Development Inc. nailed down timing on the general syndication launch of its credit facility, as well as official price talk on the first-lien term loan, and talk is that the early round look given to some guys has already resulted in the attraction of a lot interest.

Also, Asset Acceptance Capital Corp. updated pricing details on its term loan, firming the coupon at the low end of guidance and tightening the original issue discount price on good demand.

Furthermore, B&G Foods Inc. came out with structure on its credit facility on the back of launching the pro rata portion of the deal to lenders and expects to start syndication on the institutional tranche later this month, and Young Broadcasting emerged with new deal plans.

Level 3 Financing's term loan B III (Ba3) due Sept. 1, 2018 moved up to 96½ bid, 97½ offered, from its opening level of 96 bid, 97 offered on Thursday evening, as Friday was the first day accounts really had to try to shift their positions post allocations, according to a trader.

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