PLZ Aeroscience, ProAmpac break; TierPoint, ViaWest, Acrisure, United Site revise deals

By Sara Rosenberg

New York, Dec. 11 – PLZ Aeroscience Corp.’s fungible $155 million add-on term loan (B) made its way into the secondary market on Friday after the deal cleared in syndication at initial terms, and the debt was quoted at 99 bid, 99½ offered, according to a trader.

Pricing on the add-on term loan is Libor plus 425 basis points with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99. All of the term loan debt is getting 101 soft call protection for six months.

Including the add-on, the term loan will total $470 million.

Also, ProAmpac raised pricing on its $245 million add-on first-lien term loan (B3/B) to Libor plus 475 bps from Libor plus 400 bps and moved the original issue discount to 97.5 from 98, a market source said.

As before, the add-on term loan has a 1% Libor floor.

Once final terms were in place, the add-on loan broke for trading, and levels were quoted at 97½ bid, 98 offered, a trader remarked.

In more happenings, TierPoint raised pricing on its incremental first-lien term loan, modified the issue price and extended the call protection, ViaWest Inc. downsized its add-on term loan B, increased pricing and sweetened the call premium, and Acrisure LLC and United Site Services upsized their add-on term loans.

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