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 frees up

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.

AssuredPartners lead banks

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

Proceeds will be used to pay down revolver borrowings, to fund acquisitions and to add cash to the balance sheet.

AssuredPartners is a Lake Mary, Fla.-based investor in property and casualty and employee benefits brokerage firms.

Panda Temple sets talk

Over in the primary, Panda Temple I held its bank meeting on Tuesday, launching its $375 million seven-year term loan B with talk of Libor plus 550 bps to 575 bps with a 1% Libor floor, an original issue discount of 98˝ to 99 and soft call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due on Feb. 20, the source said.

The company’s $405 million credit facility (B) also includes a $5 million revolver, a $10 million project letter-of-credit facility and a $15 million debt service reserve letter-of-credit facility.

Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing bank and mezzanine debt.

Following this transaction, leverage will be less than $500 a kilowatt, the source added.

Panda Temple I is a clean natural gas-fueled, 758-megawatt combined-cycle facility located in Temple, Texas.

Par Pharmaceutical launches

Par Pharmaceutical launched to investors a $425 million term loan B-3 (B1/B) that is talked at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 to 99˝ and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Feb. 18, the source added.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and TPG are leading the deal that will be used to help fund a dividend.

Par Pharmaceutical is a Woodcliff Lake, N.J.-based specialty pharmaceutical company.

Healogics reveals offer price

Healogics disclosed original issue discount talk of 98˝ on its $125 million add-on first-lien term loan that launched with a call during the session, a source remarked.

As previously reported, pricing on the add-on loan is Libor plus 425 bps with a 1% Libor floor, which matches existing first-lien term loan pricing.

J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the acquisition of Accelecare Wound Centers.

Healogics is a Jacksonville, Fla.-based provider of advanced wound-care services. Accelecare is a Bellevue, Wash.-based wound care and disease management company.

Indivior on deck

Indivior set a bank meeting for 10:30 a.m. ET in New York on Thursday to launch an $800 million senior secured credit facility, according to a market source.

The facility consists of a $50 million revolver and a $750 million term loan B, the source said.

Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are leading the deal.

Indivior is a Richmond, Va.-based specialty pharmaceutical company focused on addiction and related mental health disorders.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.