Samchully Midstream breaks; Bluestem, North American Bancard reveal talk with launch

By Sara Rosenberg

New York, Oct. 14 – Samchully Midstream’s term loan B made its way into the secondary market on Tuesday after experiencing a widening in the spread and original issue discount, and bid levels on the debt were seen right in line with the revised issue price.

In more happenings, Bluestem Brands Inc. and North American Bancard launched new loans to investors, Hargray Communications and Citadel Plastics Holdings Inc. joined this week’s calendar, and Vertellus Specialties Inc. revealed a bank meeting date for its term loan B.

Samchully’s $300 million seven-year term loan B (B1/B) began trading on Tuesday, with levels quoted at 98½ bid, 99 offered, according to a trader.

Pricing on the loan is Libor plus 475 basis points, after flexing up from talk of Libor plus 400 bps to 425 bps. There is a 1% Libor floor and 101 soft call protection for one year, and the loan was issued at a discount of 98½, following a change from initial talk of 99, a source said.

Bank of America Merrill Lynch is leading the deal that will be used to help fund the acquisition of a 34% interest in Cardinal Gas Services LLC.

Back in the primary, Bluestem Brands hosted its bank meeting in the afternoon, and shortly before the event kicked off, talk on its $300 million seven-year first-lien term loan (B2/B) surfaced at Libor plus 650 bps with a 1% Libor floor.

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