Attachmate reacts to merger; TriZetto up with acquisition news; Ranpak modifies deadline

By Sara Rosenberg

New York, Sept. 15 – Attachmate Group’s first-lien term loan softened and its second-lien term loan strengthened in the secondary market on Monday as a merger with Micro Focus was announced, and TriZetto Corp.’s term loans were better with word that the company is being acquired by Cognizant.

Moving to the primary, Ranpak Holdings Inc. accelerated the commitment deadline on its credit facility, Berlin Packaging LLC came out with price talk on its term loans with launch, Intrawest Operations Group LLC released original issue discount talk, and AVG Technologies N.V. and Capstone Logistics LLC came out with timing on their credit facilities.

Attachmate’s term loans moved around in trading on Monday as a merger agreement with Micro Focus was disclosed, according to a trader.

The first-lien term loan was quoted at 99¾ bid, par ¼ offered, down from par ½ bid, 101½ offered and the second-lien term loan was quoted at 101 bid, 102 offered, up from par ½ bid, 101 offered, the trader said.

Under the agreement, Micro Focus will acquire the entire issued share capital of the Attachmate Group in exchange for the issue of about 86.6 million ordinary shares to Attachmate’s parent company, Wizard Parent LLC.

To help fund the transaction, Micro Focus plans on getting a $2 billion senior secured credit facility, which will be launched to investors with a bank meeting at 10 a.m. ET on Wednesday, a source remarked.

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