SunEdison second-lien debt surfaces in trading; Stratose releases talk; PGT, Gray on deck

By Sara Rosenberg

New York, Jan. 7 – SunEdison Inc. finalized terms on its second-lien term loan debt, and levels on the term loan A2 tranche emerged in the secondary market on Thursday well below its issue price.

SunEdison’s $225 million second-lien term loan A2 due July 2, 2018 was quoted at 71 bid, 78 offered, according to one trader.

Moving to the primary market, Stratose Inc. disclosed price talk on its first-lien term loan with launch, and PGT Inc. and Gray Television Inc. joined the near-term new issue calendar.

Stratose held its bank meeting on Thursday, launching its $265 million first-lien term loan with price talk of Libor plus 500 bps to 525 bps with a 1% Libor floor and an original issue discount of 98.5 to 99, market sources remarked. Commitments are due on Jan. 21.

PGT is set to hold a bank meeting at 2 p.m. ET in New York on Monday to launch a $310 million seven-year covenant-light term loan B, according to a market source. Commitments are due on Jan. 26, the source said.

Gray Television scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch a $400 million senior secured term loan, a market source said.

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