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SolarWinds, Builders FirstSource, OpenLink break; Boyd Gaming, Ascend revise loans
By Sara Rosenberg
New York, Aug. 15 – SolarWinds Inc.’s term loan emerged in the secondary market on Monday above its original issue discount, and Builders FirstSource Inc. and OpenLink International Inc. all began trading as well.
SolarWinds’ $1.7 billion seven-year senior secured term loan B was seen at 100 1/8 bid, 100 5/8 offered, according to a market source.
Builders FirstSource’s $470 million term loan B due July 31, 2022 was seen at 100 1/8 bid, 100 3/8 offered, according to a trader.
OpenLink’s $324.7 million first-lien term loan due July 2019 was quoted at 98¾ bid, 99¾ offered, a trader said.
Also in trading, Compass Diversified Holdings $250 million incremental term loan B (Ba3/BB-) rose to par bid, 100½ offered from Friday’s breaking levels of 99¾ bid, 100¼ offered, according to a trader.
Moving to the primary market, Boyd Gaming Corp. upsized its term loan B, reduced the spread and tightened original issue discount guidance, Ascend Performance Materials LLC modified the issue price, call premium and pricing step-down on its term loan, and Chesapeake Energy Corp. came to market with a new term loan.
Chesapeake Energy surfaced in the morning with plans to hold a lender call at 4:30 p.m. ET to launch a $1 billion five-year first-lien last-out term loan (Caa1/B-) that is expected to price mid-week, according to a market source.
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