Consolidated Container, ConvergeOne free to trade; ServiceMaster weakens with refinancing

By Sara Rosenberg

New York, June 16 – Consolidated Container Co. LLC increased the spread on its second-lien term loan and then the debt freed up for trading on Monday, and ConvergeOne Holdings Corp.’s credit facility hit the secondary as well.

Also in trading, ServiceMaster Co. LLC’s term loans softened with the launch of a refinancing transaction, and bank debt at Level 3 Communications Inc. and tw telecom held steady on merger news.

Back in the primary, TeamViewer, Altegrity Inc. and TerraForm Power released price talk on their loans, and Solenis International LP (Ashland Water Technologies), Tensar, Landmark Aviation and Altisource Portfolio Solutions SA are getting ready to bring new deals to market.

Consolidated Container’s $80 million senior secured covenant-light second-lien term loan (Caa1/CCC) due Jan. 3, 2020 began trading on Monday, with levels quoted at 98˝ bid, 99˝ offered, according to a market source.

Pricing on the loan is Libor plus 650 basis points, after widening from initial talk of Libor plus 600 bps, a source said. There is a 1.25% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three, and the debt was sold at an original issue discount of 98.

ConvergeOne’s credit facility broke too, with the $190 million six-year first-lien term loan (B2/B) and $80 million seven-year second-lien term loan (Caa2/CCC+) both seen at 99˝ bid, par ˝ offered on the open and then moving to par bid, par ˝ offered, according to a market source.

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