SRS Distribution breaks; Weather gains in trading on sale chatter; PetroChoice sets changes

By Sara Rosenberg

New York, Aug. 20 – SRS Distribution Inc. extended the call protection on its term loan, modified the incremental allowance and then made its way into the secondary market on Thursday.

Recommitments for SRS Distribution’s term loan were due by noon ET on Thursday, and then the debt broke for trading with levels quoted at 99½ bid, 100½ offered, a trader said.

Also, Weather Co. (TWCC Holding Corp.) saw its extended first-lien term loan and second-lien term loan gain ground in trading with chatter that a sale of the company is possibly being considered by current owners.

Weather’s extended first-lien term loan was quoted at 99 3/8 bid, 99 7/8 offered, up from 99 bid, 99 3/8 offered, and the second-lien term loan was quoted at 94 bid, up from 92½ bid, 93½ offered, a trader said.

The company’s non-extended first-lien term loan was unchanged at 99 7/8 bid, the trader added.

In more happenings, PetroChoice Holdings Inc. raised pricing on its first- and second-lien term loans, widened original issue discounts and sweetened the call protection on the first-lien tranche.

Along with the pricing revisions, PetroChoice trimmed the incremental amount shared between the first- and second-lien loans to $30 million from $52 million, plus an amount subject to 4.25 times net first-lien leverage and 6.25 times secured leverage, stepping-down to 5.25 times after three years, a source said.

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