Community Health, Walter Investment loans retreat with earnings; Russell changes surface

By Sara Rosenberg

New York, May 3 – Community Health Systems Inc.’s term loan H continued to soften in trading on Tuesday on the back of the recent release of disappointing first quarter earnings results, and Walter Investment Management Corp.’s first-lien term loan dropped a few points, also with quarterly financials.

Community Health Systems’ term loan H was quoted at 97½ bid, 98 offered, down from 98¼ bid, 98¾ offered post-numbers late Monday and 98½ bid, 99 offered pre-numbers on Monday, the trader said.

Walter Investment’s first-lien term loan softened to 84 bid, 85 offered from 87½ bid, 88½ offered after first quarter numbers were released, a trader remarked.

Moving to the primary market, Russell Investments raised pricing on its term loan B, widened the original issue discount and extended the call protection, and WideOpenWest Finance LLC accelerated the commitment deadline on its add-on term loan B.

Russell Investments lifted pricing on its $650 million seven-year covenant-light term loan B to Libor plus 575 basis points from talk of Libor plus 450 bps to 475 bps, moved the original issue discount to 97 from 98.5 and pushed out the 101 soft call protection to one year from six months, according to a market source.

WideOpenWest moved up the commitment deadline on its $382.5 million add-on term loan B due April 1, 2019 to 10 a.m. ET on Wednesday from noon ET on Thursday, a market source said.

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