C&J Energy, Royal Adhesives start trading; Freif changes emerge; ViaWest revises deadline

By Sara Rosenberg

New York, March 19 – C&J Energy Services Inc. finalized original issue discounts on its term loan B-1 and term loan B-2 at the wide end of revised talk and then the debt freed up for trading above those prices on Thursday.

In more happenings, Royal Adhesives & Sealants increased the size of its add-on term loan B, tightened the offer price and emerged in the secondary market, Freif NAP I Holdings III LLC modified the original issue discount on its term debt, and ViaWest moved up the commitment deadline on its credit facility.

Also, Penn Products Terminals LLC disclosed price talk with launch, Travel Leaders Group LLC and National Veterinary Associates (NVA Holdings Inc.) came out with original issue discount guidance, Allison Transmission Inc. revealed timing on its proposed term loan, and American Tire Distributors Inc. surfaced with new deal plans.

C&J Energy Services set the original issue discount on its $575 million five-year term loan B-1 at 86 versus revised talk of 86 to 87 and initial talk of 90, kept pricing at Libor plus 550 basis points with a 1% Libor floor and left the call protection of 104 in year one and par thereafter intact, according to a market source.

As for the discount on the $485 million seven-year covenant-light term loan B-2, it firmed at 84, compared to revised talk of 84 to 85 and initial talk of 88, the source said. This tranche is still priced at Libor plus 625 bps with a 1% Libor floor.

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