Fortescue up with debt transaction changes; Wabash breaks; C&J, E.W. Scripps tweak deals

By Sara Rosenberg

New York, March 16 – Fortescue Resources’ term loan inched higher in trading on Monday as the company pulled its new term loan from the market with the decision to approach the high-yield market instead and modified maturity and price talk on its term loan extension proposal. Meanwhile, Wabash National Corp.’s term loan freed up in the secondary.

Over in the primary, C&J Energy Services Inc. moved some funds to its term loan B-1 from its term loan B-2, sweetened original issue discount talk on both tranches and revised the call protection on the B-2 loan.

In addition, E.W. Scripps Co. tightened the offer price on its add-on term loan B, and Murray Energy Corp. and Foresight Energy LP joined this week’s new deal calendar.

Fortescue’s term loan was stronger in the secondary market on Monday as the company withdrew from the market its new $2.5 billion seven-year term loan and modified its term loan extension plans, according to a trader.

The term loan was quoted at 91¼ bid, 91¾ offered, up from 91 bid, 91½ offered, the trader said.

The pulled term loan was talked at Libor plus 425 basis points to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

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