Micron breaks following revisions; McGraw-Hill dips on refi; Netsmart, AmWINS tweak deals

By Sara Rosenberg

New York, April 15 – Micron Technology Inc. finalized the spread on its term loan B at the low end of guidance, eliminated the Libor floor and tightened the original issue discount, and then the debt freed up for trading on Friday afternoon.

Levels were quoted at 100½ bid, 101 offered, a trader remarked.

In other secondary market happenings, McGraw-Hill Global Education Holdings LLC’s term loan softened with news of a proposed refinancing transaction.

The term loan slipped to par bid, 100½ offered from 100¼ bid, 100¾ offered, a trader remarked.

Back in the primary, Netsmart Technologies Inc. lowered pricing on its revolver, cut the spread on it first-lien term loan and modified the issue price and trimmed pricing on its second-lien term loan while sweetening the call protection.

In addition, AmWINS Group Inc. upsized its add-on first-lien term loan, NBTY Inc. released price talk on its proposed term loans, and American Airlines Group Inc. joined the near-term new issue calendar.

American Airlines scheduled a lender call for 1 p.m. ET on Monday to launch a $750 million seven-year term loan B, according to a market source.

The loan will be used to repay the company’s $588 million term loan B-2 due in 2016.

Post-news, the term loan B-2 that is being refinanced was quoted in trading at 99 7/8 bid, 100 1/8 offered, unchanged from previous levels, a trader added.

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