AssuredPartners breaks; Panda Temple, Par Pharmaceutical release talk; Healogics floats OID

By Sara Rosenberg

New York, Feb. 10 – AssuredPartners Capital Inc.’s incremental first-lien term loan emerged in the secondary market on Tuesday with levels bid right around the original issue discount.

And, in the primary market, Panda Temple I and Par Pharmaceutical Cos. Inc. disclosed price talk on their new deals with launch, Healogics Inc. came out with original issue discount guidance on its add-on first-lien term loan, and Indivior plc surfaced with new credit facility plans.

AssuredPartners’ $150 million incremental first-lien covenant-light term loan due April 1, 2021 began trading on Tuesday, with levels seen at 99 bid, 99˝ offered, according to a trader.

Pricing on the loan is Libor plus 400 basis points with a 1% Libor floor and it was sold at an original issue discount of 9. There is 101 soft call protection for six months.

During syndication, the incremental loan was upsized from $125 million, pricing was raised from Libor plus 362.5 bps, the discount tightened from 97˝, and the debt was revised to be fungible with the existing first-lien term loan.

With the changes to the incremental loan, the company decided that it would increase pricing on its existing first-lien term loan to Libor plus 400 bps with a 1% Libor floor from Libor plus 350 bps with a 1% Libor floor, and reset the 101 soft call protection for six months.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, BMO Capital Markets, RBC Capital Markets and Madison Capital are leading the term loan.

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