Neiman softens on research report; Ascena still gaining; Michigan Power updates pricing

By Sara Rosenberg

New York, Dec. 3 – Neiman Marcus Group LLC’s term loan fell in the secondary market on Thursday with chatter of a negative research report, and Ascena Retail Group Inc.’s term loan continued to grind higher, still spurred on by the posting of favorable earnings results earlier in the week.

Neiman Marcus’ term loan was quoted at 91 bid, 92 offered, down from 92½ bid, 93½ offered, sources said.

Ascena Retail’s term loan gained to 91 bid, 92 offered from 89½ bid, 90½ offered on Wednesday, a trader said. On Tuesday, the loan was quoted at 88½ bid, 89½ offered.

Switching to the primary market, Michigan Power LP LLC firmed pricing on its term loan at the tight end of guidance, and Sunoco LP joined this week’s new issue calendar.

Michigan Power firmed pricing on its $216 million seven-year term loan B at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and left the 1% Libor floor, original issue discount of 99 and 101 call protection for one year unchanged, according to a market source.

Sunoco set a lender call for noon ET on Friday to launch a $2,035,000,000 term loan A (BB) due Oct. 1, 2019 talked at Libor plus 250 bps with leverage based step-downs and no Libor floor, according to a market source.

© 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.