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Published on 8/11/2015 in the Prospect News CLO Daily and Prospect News High Yield Daily.

Consolidated Aerospace frees up above issue price; TerraForm sets spread, starts trading

By Sara Rosenberg

New York, Aug. 11 – Consolidated Aerospace Manufacturing LLC’s credit facility made its way into the secondary market on Tuesday, with the term loan quoted above its original issue discount.

Also, TerraForm AP Acquisition Holdings LLC (TerraForm Private LLC) finalized pricing on its term loan B at the high end of guidance and then the debt broke for trading late in the session.

In more happenings, Sterigenics International Inc. joined this week’s new issue calendar with plans for an add-on term loan.

Consolidated Aerospace’s credit facility freed up for trading on Tuesday, with the $240 million seven-year covenant-light term loan quoted at 99¾ bid, par ¼ offered, a source remarked.

Pricing on the term loan is Libor plus 375 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan firmed at the wide end of the Libor plus 350 bps to 375 bps talk.

The company’s $265 million credit facility (BB-) also includes a $25 million five-year revolver.

Citizens Bank is leading the deal that will be used to refinance existing debt.

Consolidated Aerospace is a Fullerton, Calif.-based manufacturer of components principally for the aerospace industry.


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