Wesco shelves term loan plans; Cambrex, Alterra Mountain release price guidance

By Sara Rosenberg

New York, Nov. 4 – In the primary market on Monday, Wesco Aircraft Holdings Inc. withdrew its term loan B as the company opted to pursue a larger notes offering.

Also, Cambrex Corp. announced price talk on its first-and second-lien term loan in connection with its bank meeting, Alterra Mountain Co. came to market with an add-on and repricing transaction, and SBA Communications Corp. emerged with new deal plans.

Wesco pulled

Wesco Aircraft removed its $600 million seven-year covenant-lite term loan B (B3/B) from the primary market and upsized its senior secured notes offering to $1.6 billion from $1 billion, according to a market source.

Talk on the term loan B was Libor plus 525 basis points with an original issue discount of 98 and 101 soft call protection for six months.

Deutsche Bank Securities Inc., BofA Securities, Inc., Jefferies LLC, Barclays, BNP Paribas Securities Corp., Goldman Sachs Bank USA and HSBC Securities (USA) Inc. were leading the deal.

Proceeds were going to help fund the buyout of the company by Platinum Equity for $11.05 per share in cash, or about $1.9 billion, and combination with Platinum Equity portfolio company Pattonair.

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