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Valeant Pharmaceuticals’ term debt rebound continues; ON Semiconductor loan on deck
By Sara Rosenberg
New York, March 2 – Valeant Pharmaceuticals International Inc.’s term loans climbed higher with the generally stronger secondary market on Wednesday, bringing the debt closer to levels that were seen prior to investigations news hitting early this week.
Valeant Pharmaceuticals’ term loan E and term loan F gained in trading to 93 bid, 94 offered on the better market tone felt throughout the secondary and possibly because some fear may be subsiding over recent chatter about investigations into the company, according to a trader.
By comparison, on Tuesday, the loans closed out the day at 92 bid, 92¾ offered; on Monday the loans were quoted at 90½ bid, 92 offered; and on Friday the loans were 95¼ bid, 95½ offered, the trader said.
Moving to the primary market, ON Semiconductor Corp. is getting ready to present its new deal to perspective investors.
ON Semiconductor is on deck to hold its bank meeting at 10 a.m. ET in New York on Thursday to launch a $2 billion seven-year covenant-light term loan B.
As reported earlier this week, the company’s $2.4 billion credit facility (Ba1/BB) also includes a $400 million five-year revolver.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, HSBC Securities (USA) Inc. and SMBC are leading ON Semiconductor’s debt financing.
Commitments for the credit facility are due on March 16.
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