Nexeo Solutions term loan gains on acquisition news; Global Payments reveals guidance

By Sara Rosenberg

New York, March 21 – Nexeo Solutions Holdings LLC’s term loan B headed higher in the secondary market on Monday following news that the company is being acquired by WL Ross Holdings Corp.

Nexeo’s term loan B was quoted at 99 5/8 bid, 100 1/8 offered, versus levels last week of 98¾ bid, 99¼ offered, traders said.

Moving to the primary market, Global Payments Inc. released price talk with launch, Atlantic Power LP (APLP Holdings LP) joined this week’s new issue calendar, and Travel Leaders Group LLC wrapped syndication on its add-on term loan in line with talk.

Global Payments launched its $1,045,000,000 seven-year term loan B (Ba2/BBB-) with talk of Libor plus 350 basis points with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Atlantic Power emerged with plans to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $910 million senior secured credit facility, according to a market source.

Travel Leaders Group completed syndication of its fungible $25 million add-on term loan (B+) at the original issue discount talk of 98.75, a market source said.

The add-on term loan is priced at Libor plus 600 bps with a 1% Libor floor, in line with existing term loan pricing.

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