Tibco, Tecomet, Global Cash, Packers, Equinox, ION break; Unite Private, Terra-Gen revised

By Sara Rosenberg

New York, Nov. 25 – The secondary market saw a bunch of deals free up for trading on Tuesday, including Tibco Software Inc., Tecomet Inc., Global Cash Access Inc., Packers Holdings LLC (PSSI), Equinox Holdings Inc. and ION Media Networks Inc.

Meanwhile, in the primary, Unite Private Networks reduced its delayed-draw term loan and second-lien term loan sizes in favor of a larger first-lien term loan B, tightened the spread and original issue discount on the B loan tranche and set pricing on the second-lien tranche at the low end of guidance.

Also, Terra-Gen Finance Co. LLC firmed pricing at the low end of talk and tightened the discount on its term loan, and Cable & Wireless Communications plc finalized original issue discounts on its term loans.

In addition, Vine Oil & Gas, CPM Holdings Inc., Douglas Dynamics Inc., Chief Power Finance LLC, Royalty Pharma and Atlas Holdings LLC surfaced with new deal plans.

Tibco Software’s credit facility began trading on Tuesday with the $1.67 billion six-year covenant-light first-lien term loan B quoted at 96½ bid, 97½ offered. It then moved up to 97 bid, 98, while the $350 million one-year asset-sale bridge loan was quoted at 99¾ bid, according to one trader.

By late day, a second trader had the term loan B at 98 bid, 98½.

Pricing on the term loan B is Libor plus 550 basis points with a 1% Libor floor and it was sold at an original issue discount of 95.

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