Freif NAP, FullBeauty Brands free to trade; Post Holdings tweaks term loan offer price

By Sara Rosenberg

New York, March 20 – Freif NAP I Holdings III LLC’s term loans made their way into the secondary market on Friday with the strip of tranche B and C debt quoted above their original issue discounts, and FullBeauty Brands began trading as well.

Over in the primary market, Post Holdings Inc. tightened the original issue discount on its incremental term loan and moved up the commitment deadline, and Murray Energy Corp./Foresight Energy LP, American Tire Distributors Inc. and National Financial Partners Corp. came out with price talk on their term loans in connection with their launches.

Freif NAP I Holdings’ strip of $250 million term loan B and $45 million term loan C debt freed up on Friday with levels seen at par 1/8 bid, par 3/8 offered, according to a trader.

Pricing on the term loans is Libor plus 375 basis points with a 1% Libor floor and they were sold at an original issue discount of 99˝. The debt includes 101 soft call protection for one year.

During syndication, the discount on the loans was tightened from 99.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Macquarie Capital (USA) Inc. and Credit Suisse Securities (USA) LLC are leading the $295 million of seven-year term loans (Ba3/BB-) that will be used to refinance existing debt and fund the acquisition of power facilities.

Another deal to hit the secondary market was FullBeauty Brands’ $160 million add-on first-lien term loan, with levels quoted at 99 7/8 bid, par 5/8 offered, a trader remarked.

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