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Novelis, HealthPort, TouchTunes break; Avago term loan gains with Broadcom acquisition news
By Sara Rosenberg
New York, May 28 – Novelis Inc., HealthPort Inc. (CT Technologies Intermediate Holdings and Smart Holdings Corp.) and TouchTunes Interactive Networks Inc. saw their deals free up for trading on Thursday, and Avago Technologies Ltd.’s term loan was a touch stronger following an agreement to purchase Broadcom Corp.
Novelis’ $1.8 billion seven-year term loan was seen at 99¾ bid, par offered before moving up to 99 7/8 bid, par 1/8 offered. And HealthPort’s $155 million first-lien incremental term loan due 2021 and repriced $324.2 million first-lien term loan due 2021 were quoted at par bid, par ½ offered, according to a market source.
In the primary market, Merrill Communications LLC widened the spread and original issue discount on its term loan, Informatica Corp. carved out a euro term loan B tranche from its originally all-U.S.-dollar term loan B, and CommScope Inc. tightened the spread and issue price on its term loan.
Also, On Assignment Inc. shifted funds between its revolver and term loan B and trimmed term B pricing, and Paradigm Outcomes (Paradigm Acquisition Corp.) increased the spread on its term loan, modified the issue price and extended the call protection.
In addition, Emerging Markets Communications LLC and Navios Maritime Midstream Partners LP disclosed price talk with launch, Survey Sampling International LLC disclosed original issue discount guidance, and Royal Adhesives & Sealants LLC and Minimax Viking joined the near-term calendar.
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