Solera breaks; Intelsat retreats with amendment request; Federal-Mogul up on Icahn offer

By Sara Rosenberg

New York, Feb. 29 – Solera Holdings Inc. firmed up sizes on its U.S. dollar and euro term loan B tranches, and then the U.S. term loan B made its way into the secondary market on Monday above its original issue discount.

Solera’s U.S. term loan B was quoted at 97½ bid, 98¼ offered, a source remarked.

Also, Intelsat Jackson Holdings SA’s term loan softened in trading after the company announced an amendment proposal, and Federal-Mogul Holdings Corp.’s term loans were stronger as Icahn Enterprises LP offered to purchase the remaining shares of the company’s common stock that it does not currently own.

Intelsat’s term loan was quoted at 89 bid, 90½ offered post-news, down from 90¾ bid, 91¾ offered in the morning and 90 bid, 91 offered on Friday, the trader said.

Federal-Mogul’s term loan B was quoted at 85 bid, 90 offered, up from 83 bid, 87 offered, and its term loan C was quoted at 79 bid, 84 offered, up from 77 bid, 81 offered, the trader said.

Back in the primary, HCA Holdings Inc. released price talk on its term loan B-6 with launch, and timing emerged on the bank meeting for ON Semiconductor Corp.’s credit facility, which is being brought to market with a slightly different structure than was outlined in the debt commitment letter.

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