Styrolution, TOMS free to trade; Media General, TransFirst deal revisions surface

By Sara Rosenberg

New York, Oct. 31 – Styrolution (Styrolution Group GmbH and Styrolution US Holding LLC) saw its term loan B emerge in the secondary market on Friday, with both the U.S. and the euro tranche quoted above their original issue discounts, and TOMS’ term loan B began trading too.

Meanwhile, in the primary market, Media General Inc. increased the size of its term loan B-2 as its term loan A was canceled, tightened the original issue discount and removed a financial covenant, and TransFirst Inc. reworked its term loan sizes.

Also, HealthPort (CT Technologies Intermediate Holdings and Smart Holdings Corp.), CareCore National LLC, TierPoint and Lonestar Generation joined the near-term calendar.

Styrolution’s five-year covenant-light term loan B (B2/B) freed up for trading on Friday, with the $662,550,000 U.S. tranche quoted at 98˝ bid, 99˝ offered and the €525 million tranche quoted at 98 5/8 bid, 99 5/8 offered, according to a trader.

The term loan B is priced at Libor/Euribor plus 550 basis points with a 1% Libor floor and was sold at an original issue discount of 98. There is 101 soft call protection for one year.

During syndication, tranche sizes were finalized from an initial description of a €1.05 billion equivalent loan, with the split of U.S. and euro debt to be determined, pricing was lifted from talk of Libor/Euribor plus 450 bps to 475 bps and the discount was revised from 99.

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