First Data down with incremental launch; Neiman slides with sector concerns; Amneal bid dips

By Sara Rosenberg

New York, May 11 – First Data Corp.’s 2022 term loan weakened in the secondary market on Wednesday following news of incremental term loan plans, and Neiman Marcus Group LLC’s term loan dropped as the retail sector in general came under pressure.

One trader had First Data’s 2022 loan at 99 5/8 bid, 100 1/8 offered, down by a quarter of a point from Tuesday’s levels, and another trader had the loan quoted at 99¾ bid, par offered, down from par bid, 100¼ offered.

Neiman Marcus, a Dallas-based luxury retailer, experienced a weakening in its term loan to 93 bid, 93¾ offered from 94½ bid, 95¼ offered as the overall retail sector was negatively impacted by Macy’s Inc.’s release of disappointing first quarter results, according to market sources.

In more happenings, Amneal Pharmaceuticals LLC joined this week’s new issue calendar with an add-on term loan, and its existing term loan was bid lower in trading after intentions for the new debt surfaced, and J. Jill approached lenders with an add-on term loan B.

In other news, the buyout of ATI Physical Therapy, a Bolingbrook, Ill.-based outpatient physical therapy provider, by Advent International from KRG Capital Partners has been completed, a news release said.

To help fund the transaction, ATI got a new $955 million senior secured credit facility.

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