WideOpenWest breaks; Fortescue up with planned repayment; iHeartMedia better on numbers

By Sara Rosenberg

New York, May 4 – WideOpenWest Finance LLC increased the size of its add-on term loan B and then the debt made its way into the secondary market on Wednesday afternoon, with levels quoted above its original issue discount.

WideOpenWest lifted its add-on term loan B due April 1, 2019 on Wednesday to $432.5 million from $382.5 million, according to a market source.

Following the size change, the add-on term loan freed up for trading, and levels were quoted at 99¾ bid, 100¼ offered, a trader remarked.

In more happenings, Fortescue Metals Group’s term loan headed higher in trading in reaction to paydown news, and iHeartMedia Inc.’s term loan D was stronger with favorable first quarter earnings results.

Fortescue Metals’ 2019 senior secured term loan rose to 95 bid, 96 offered from 93½ bid, 94½ offered in trading as the company announced plans to repay $650 million of loan, a trader remarked.

iHeartMedia’s term loan D strengthened by a few points after the company released better-than-expected first quarter numbers, according to a trader.

The term loan D was quoted at 77¼ bid, 77¾ offered, up from 74¾ bid, 75½ offered, the trader said.

Meanwhile, back in the primary market, Telenet and Anchor Glass Container Corp. accelerated the commitment deadlines on their term loans, Schumacher Clinical Partners joined this week’s new issue calendar, and timing on the launch of Verisk Health’s credit facility surfaced.

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