Platform Specialty, NN break; Calpine, Rhode Island State, Jamul Indian Village launch

By Sara Rosenberg

New York Nov. 9 – Platform Specialty Products Corp.’s term loan debt made its way into the secondary market on Monday, with levels on the U.S. tranche quoted above its original issue discount, and NN Inc. began trading as well.

Platform Specialty Products’ $1,045,000,000 term loan B due June 7, 2020 was quoted at 98¼ bid, 98¾ offered, according to a trader.

NN finalized the original issue discount on its fungible $50 million add-on term loan at 98.5, in line with initial talk that was in the 98.5 area, a source said.

Pricing on the add-on loan is Libor plus 475 bps with a 1% Libor floor, which matches existing term loan pricing.

With final terms in place, NN’s add-on loan freed up for trading during the session with the debt bid at 99¼, a trader said.

Also in trading, American Commercial Lines Inc.’s $1.15 billion five-year first-lien term loan (B3/B) was quoted at 95½ bid, 96½ offered, in line with where the debt broke for trading late Friday, a trader remarked.

Meanwhile, in the primary market, Calpine Corp., Rhode Island State Energy Center LP and Jamul Indian Village Development Corp. released price talk with launch, and Swissport Group, Cypress Semiconductor Corp., Star West Generation LLC, West Corp. and Michigan Power LP LLC joined this week’s new issue calendar.

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