Wencor, Verdesian, Liberty Cablevision free to trade; Ascend Learning accelerates deadline

By Sara Rosenberg

New York, June 25 – Wencor Group LLC’s (Jazz Acquisition Inc.) credit facility freed up for trading on Wednesday with both the first- and second-lien term loans quoted above their original issue discounts, and Verdesian Life Sciences LLC and Liberty Cablevision of Puerto Rico LLC broke as well.

Over in the primary, Ascend Learning moved up the commitment deadline on its add-on term loan, and Red Lobster Management LLC, Hilex Poly LLC and Blackbrush Oil & Gas (BBOG Borrower LP) released price talk with launch.

Wencor Group’s credit facility hit the secondary market on Wednesday, with the $330 million seven-year first-lien covenant-light term loan (B2/B) quoted at par ¼ bid, par ¾ offered and the $155 million eight-year second-lien covenant-light term loan (Caa2/CCC+) quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 350 basis points with a 1% Libor floor and it was sold at an original issue discount of 99¾. There is 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 675 bps with a 1% Libor floor and was issued at 99½. This debt has call protection of 102 in year one and 101 in year two.

During syndication, the first-lien term loan was upsized from $320 million, pricing was cut from Libor plus 375 bps and the discount was moved from 99, and pricing on the second-lien loan was trimmed.

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