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Cable & Wireless breaks; Ascena up with numbers; Microsemi, AMC, Apco, ProAmpac launch
By Sara Rosenberg
New York, Dec. 2 – Cable & Wireless Communications plc’s (Sable International Finance Ltd.) term loan B debt made its way into the secondary market on Wednesday, and Ascena Retail Group Inc.’s term loan was better on the back of earnings news.
Cable & Wireless’s $800 million of seven-year covenant-light term loan B debt (Ba2/BB-) was quoted at 98¼ bid, 98¾ offered, according to a trader.
Ascena Retail’s term loan rose to 89½ bid, 90½ offered from 88½ bid, 89½ offered, a trader remarked.
Moving to the primary market, Microsemi Corp., AMC Entertainment Inc., Apco Holdings Inc. and ProAmpac came out with price talk with launch, and Varsity Brands Inc. surfaced with new loan plans.
Microsemi’s $350 million five-year revolver and $650 million five-year term loan A are talked at Libor plus 225 bps to 250 bps with no floor and an original issue discount of 99.625, and the $1,425,000,000 seven-year covenant-light term loan B is talked at Libor plus 375 bps to 400 bps with a 0.75% Libor floor, a discount of 98 to 98.5 and 101 soft call protection for six months, a source said.
Varsity Brands set a lender call for Thursday to launch a $75 million add-on first-lien term loan, according to a market source.
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