Staples unmoved by escrow, merger extension plans; Endurance, Bowie, Armacell ready deals

By Sara Rosenberg

New York, Jan. 20 – Staples Inc.’s term loan B held steady in the secondary market on Wednesday as the company surfaced with plans to fund the debt into escrow next month in connection with the extension of the termination date of its merger agreement with Office Depot Inc.

Staples’ term loan B was unchanged at 98 7/8 bid, 99 3/8 offered in trading on Wednesday after news hit that the company intends to fund the loan into escrow on Feb. 2, according to a trader.

Meanwhile, in the primary market, Endurance International Group Holdings Inc. (EIG Investors Corp.), Bowie Resources Partners LLC (Western Megawatt Resources LLC) and Armacell joined the near-term new issue calendar.

Endurance set a bank meeting for 3 p.m. ET in New York on Thursday to launch $910 million of bank debt (B1/B) split between a $175 million five-year revolver and a $735 million incremental seven-year first-lien term loan, according to a market source.

Bowie Resources Partners emerged with plans to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $650 million term loan B, a market source said.

Armacell scheduled a bank meeting in London for Friday to launch a €660 million equivalent credit facility that consists of a €100 million six-year revolver, a €445 million seven-year covenant-light term loan B and a €115 million U.S. dollar equivalent eight-year second-lien term loan, according to a market source.

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