Novolex incremental term loan frees to trade above OID; Quikrete joins new issue calendar

By Sara Rosenberg

New York, April 22 – Novolex saw its incremental term loan make its way into the secondary market on Friday, with levels quoted above its original issue discount, and the company’s existing term loan strengthened from prior levels with the incremental loan break.

Novolex’s fungible $475 million incremental term loan was quoted at par bid, 100˝ offered, according to a trader.

The company’s existing term loan was also quoted at par bid, 100˝ offered, up from 99˝ bid, par offered on Thursday, as the debt trades together with the incremental loan, the trader said.

Meanwhile, over in the primary market, Quikrete Cos. surfaced with add-on first-lien term loan plans.

Quikrete set a lender call for 11 a.m. ET on Tuesday to launch a fungible $168 million add-on first-lien covenant-light term loan due September 2020 talked at Libor plus 300 bps with a 1% Libor floor and an original issue discount of 99.5, a market source remarked.

The spread and floor on the add-on term loan is in line with existing first-lien term loan pricing.

Commitments are due on May 3, the source added.

In other news, the buyout of API Technologies Corp. by J. F. Lehman & Co. for $2 per share in cash has been completed, according to a news release.

To help fund the transaction, API got a new $145 million credit facility that includes a $30 million revolver and $115 million term loan.

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