Horizon Pharma breaks; Avaya updated; Script Relief, Air Canada, Sensata, Veresen launch

By Sara Rosenberg

New York, April 28 – Horizon Pharma Inc.’s $400 million senior secured covenant-light term loan B made its way into the secondary market on Wednesday, with levels seen at par 5/8 bid, 101 1/8 offered, above the original issue discount.

Meanwhile, in the primary market, Avaya Inc. upsized its term loan B-7 and finalized the spread at the high end of guidance, Script Relief LLC and Air Canada revealed details on their loan transactions, and Sensata Technologies BV and Veresen Midstream LP launched repricing proposals.

Furthermore, Quintiles Transnational Corp., Smart & Final Stores Inc. and Grocery Outlet Inc. (GOBP Holdings Inc.) surfaced with new deal plans.

Quintiles set a call for Thursday to launch a $1.75 billion senior secured credit facility, consisting of a $500 million five-year revolver, a $750 million five-year term loan A, and a $500 million seven-year term loan B talked at Libor plus 275 bps to 300 bps with a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months

Smart & Final Stores emerged with plans to launch an amendment to its existing $595 million senior secured term loan B, revising pricing and optional prepayment, while Grocery Outlet plans to launch an amendment and repricing of its $449 million senior secured first-lien term loan.

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