Creative Artists hits secondary after terms firm; Millennium rises; Universal Fiber revised

By Sara Rosenberg

New York, Sept. 24 – Creative Artists Agency LLC finalized the issue price on its add-on term loan at the tight end of guidance and then freed up for trading late Thursday, and Millennium Health LLC’s term loan B strengthened with chatter that the company might be filing for bankruptcy.

Creative Artists set the issue price on its fungible $75 million add-on covenant-light term loan at par, the tight end of the 99.75 to par talk and moved up the commitment deadline to 2:30 p.m. ET on Thursday from noon ET on Friday, according to a market source.

The add-on loan is priced at Libor plus 450 basis points with a 1% Libor floor and has 101 soft call protection until Dec. 17, 2015, which is all in line with existing term loan terms.

With final pricing in place, the add-on debt was able to make its way into secondary market late day, with levels quoted at 100¼ bid, 100¾ offered, a trader remarked.

Also in trading, Millennium Health’s term loan B was quoted at 41 bid, 46 offered, up from 33 bid, 38 offered on Wednesday, according to a market source. Another trader quoted the paper at 37 bid, 42 offered.

In more happenings, Universal Fiber Systems LLC increased price talk on its first-lien term loan and made some other documentation changes, and DigiCert released price talk on its first-lien term loan in connection with its bank meeting.

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