Valeant rises with amendment; Western Digital breaks; Blount, DYK Automotive changes surface

By Sara Rosenberg

New York, March 30 – Valeant Pharmaceuticals International Inc.’s term loans gained some ground in the secondary market on Wednesday as the company launched an amendment and waiver to its credit facility that would result in higher pricing.

Valeant’s term loans E and F were quoted at 94½ bid, 95 offered, up from 93¼ bid, 94 offered, and the term loans C and D were quoted at 95 bid, 95¾ offered, up from 93 5/8 bid, 94 5/8 offered, a trader said.

In more happenings, Western Digital Corp. reworked its term loan tranche sizes, and then its U.S. term loan B freed up for trading late in the day, with levels quoted well above its original issue discount.

With final terms in place, Western Digital’s U.S. term loan B was quoted at 98¾ bid, 99¼ offered, a trader said.

Also, Blount International Inc. made a number of revisions to its credit facility, including widening spreads and original issue discounts on its U.S. and euro term loans, and DYK Automotive/AAHC tightened the spread and issue price on its term loan while also adding a pricing step-down.

Furthermore, Precyse Acquisition Corp. and Pinnacle Entertainment Inc. released price talk on their loans with launch, Alvogen disclosed original issue discount guidance on its incremental loan, and Evoqua Water Technologies (EWT Holdings III Corp.) emerged with new deal plans.

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