Coinmach frees to trade; Tank Holding, Surgical Care revisions revealed; Valeant sets talk

By Sara Rosenberg

New York, March 9 – Coinmach (CSC Serviceworks) saw its add-on first-lien term loan make its way into the secondary market on Monday with levels quoted above its original issue discount.

Switching to the primary market, Tank Holding Corp. upsized its term loan, firmed the spread on its credit facility at the wide end of talk and tightened the original issue discount, and Surgical Care Affiliates Inc. lifted the size of its term loan as its bond offering was downsized.

Furthermore, Valeant Pharmaceuticals International Inc. disclosed price talk with launch, and Hyperion Insurance Group Ltd., Coyote Logistics LLC and Ferrara Candy Co. joined this week’s calendar.

Coinmach’s $125 million add-on first-lien covenant-light term loan (B2) due November 2019 began trading on Monday, with levels quoted at 99½ bid, par offered, according to a trader.

The add-on term loan is priced at Libor plus 325 basis points with a 1% Libor floor, in line with the existing first-lien term loan, and was issued at an original issue discount of 99.03.

Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to pay down revolver borrowings and for general corporate purposes, including potential tuck-in acquisitions.

Closing is expected on Wednesday.

Over in the primary, Tank Holding lifted its seven-year covenant-light term loan B to $460 million from $440 million, according to a market source.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.