99 Cents, Neiman slide with earnings; Konecranes Terex, ProQuest, DTZ changes surface

By Sara Rosenberg

New York, Dec. 14 – 99 Cents Only Stores LLC’s term loan fell considerably lower in trading on Monday following the release of disappointing third quarter numbers, and Neiman Marcus Group LLC’s term loan dropped, also on earnings news.

99 Cents Only Stores’ term loan was quoted at 60 bid, 65 offered, down from 70 bid, 75 offered on Friday, a trader said.

Neiman Marcus’ term loan fell to 86 bid, 88 offered from 90˝ bid, 91˝ offered with first fiscal quarter earnings results, a trader remarked.

Switching to the primary, Konecranes Terex plc outlined U.S. and euro tranche sizes under its term loan B. Konecranes Terex set the split on its $900 million-equivalent U.S. dollar and euro seven-year term loan B as a $355 million tranche and a €500 million tranche, versus talk at launch of an up to €400 million tranche, according to a market source.

Additionally, pricing on the term B debt firmed at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, the original issue discount moved to 98 from 99, and the 101 soft call protection was pushed out to one year from six months, the source said.

Furthermore, ProQuest LLC modified the original issue discount on its incremental first-lien term loan, and DTZ (DTZ U.S. Borrower LLC and DTZ AUS Holdco Pty Ltd.) trimmed the size of its add-on second-lien term loan.

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