HealthPort, Great Wolf, White Birch break; Mueller Water, Abaco Energy revisions surface

By Sara Rosenberg

New York, Nov. 18 – HealthPort (CT Technologies Intermediate Holdings and Smart Holdings Corp.) saw its credit facility free up on Tuesday with the term loan quoted above its original issue discount, and Great Wolf Resorts Holdings Inc. and White Birch Paper began trading, too.

Switching to the primary, Mueller Water Products Inc. trimmed the spread on its term loan B, firmed the offer price at the low end of guidance and extended the call protection, and Abaco Energy Technologies LLC raised pricing on its term loan B, widened the original issue discount and shortened the maturity.

Also, RentPath Inc. and Cable & Wireless Communications plc released price talk with launch, and Compuware Corp., Varsity Brands and Creative Artists Agency joined this week’s calendar.

HealthPort’s credit facility broke for trading on Tuesday, with the $325 million seven-year first-lien covenant-light term loan quoted at 99¾ bid, par ½ offered, according to a trader.

Pricing on the term loan is Libor plus 500 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. The debt includes 101 soft call protection for six months.

Last week, pricing on the term loan was lowered from Libor plus 550 bps and the discount was tightened from 98½.

The company’s $355 million credit facility (B2/B) also provides for a $30 million revolver.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to help fund the buyout of the company by New Mountain Capital.

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