Taminco trades up; ClubCorp sets term loan offer price; Gray Television lifts add-on size

By Sara Rosenberg

New York, Sept. 11 – Taminco Corp.’s term loan B headed higher in the secondary market on Thursday following news that the company is being acquired by Eastman Chemical Co.

Over in the primary, ClubCorp Club Operations Inc. firmed the original issue discount on its term loan and Gray Television Inc. lifted the size of its add-on term loan.

Also, Mattress Firm Holding Corp., TPF II, Jeld-Wen Inc., Central Security Group Inc., Sensis, Mister Car Wash, FHC Health Systems Inc. and Platform Specialty Products Corp. (MacDermid Inc.) disclosed price talk as their deals were launched to investors during the session.

Furthermore, timing and structure emerged on Berlin Packaging LLC’s buyout financing, Burger King Worldwide Inc. set a bank meeting for its credit facility, and Flavors Holdings Inc. and White Birch Paper came out with new deal plans.

Taminco’s term loan B rose in trading on Thursday to 99 5/8 bid, par offered from 99 1/8 bid, 99 5/8 offered after the company announced that it is being bought by Eastman Chemical for $26.00 per share, for a total transaction value of about $2.8 billion in cash, according to a trader.

Closing is expected in the fourth quarter, subject to Taminco shareholder approval, regulatory approvals and other customary conditions.

There is a 30-day “go-shop” period.

Moving to the primary market, ClubCorp firmed the original issue discount on its fungible $250 million add-on senior secured covenant-light term loan (B+) due July 24, 2020 at 99¼.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.