99 Cents term loan falls with poor earnings; near-term primary calendar continues to build

By Sara Rosenberg

New York, Sept. 11 – 99 Cents Only Stores LLC saw its term loan plummet in the secondary market on Friday following the release of disappointing second quarter results that showed a year-over-year decline in earnings and adjusted EBITDA.

99 Cents Only Stores’ term loan was quoted at 86 bid, 88 offered, down from 95 bid, 96 offered, a trader said.

Meanwhile, in the primary market, HelpSystems LLC and Novetta came out with bank meeting dates and structures on their buyout deals, and timing emerged on the launch of credit facilities from Quanex Building Products Corp., Idera Inc. and NN Inc.

HelpSystems emerged with plans to hold a bank meeting at 2 p.m. ET in New York on Wednesday to launch a $465 million credit facility to help fund its buyout of the company by H.I.G. Capital from Summit Partners, a market source remarked.

Novetta set a bank meeting for Wednesday to launch a $325 million credit facility, according to a market source.

Quanex Building Products scheduled a bank meeting for Tuesday to launch its recently announced $410 million senior secured credit facility, a market source said.

Idera will hold a bank meeting on Thursday to launch its $425 million credit facility that was previously labeled as week of Sept. 14 business, according to a market source.

And NN set a bank meeting for Wednesday to launch its previously announced proposed $625 million senior secured credit facility, according to a market source.

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