Platform Specialty dips with add-on news; Skillsoft loans rise on proposed spread increase

By Sara Rosenberg

New York, Sept. 10 – Platform Specialty Products Corp. (MacDermid Inc.) saw its first-lien term loan and add-on first-lien term loan soften in trading on Wednesday as the company surfaced with plans to bring additional first-lien debt to market, and Skillsoft Ltd.’s first- and second-lien term loans were stronger with a proposed pricing increase.

In more happenings, FleetCor Technologies Inc., Aristocrat Leisure Ltd., Progrexion, Service King Collision Repair Centers and ProQuest LLC released price talk with launch, Pike Corp. timing surfaced and Sensis emerged with new loan plans.

Platform Specialty Products’ existing $755 million first-lien term loan and existing $130 million add-on first-lien term loan weakened in the secondary market on Wednesday after news emerged that a new fungible $300 million add-on first-lien covenant-light term loan will be launched to investors with a call at 10:30 a.m. ET on Thursday, according to a trader.

The first-lien term loan was quoted at 99 bid, 99¾ offered, down from 99½ bid, par offered, and the add-on first-lien term loan was quoted at 98¾ bid, 99½ offered, down from 99¼ bid, 99¾ offered, the trader said.

All of the existing first-lien term loan debt matures on June 7, 2020, is priced at Libor plus 300 basis points with a 1% Libor floor and has 101 soft call protection through February 2015.

Proceeds from Platform Specialty Products’ add-on term loan will be used, along with cash on hand, to fund the €300 million acquisition of Agriphar.

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