PrimeLine breaks; Amaya dips with earnings; Hamilton Sundstrand slides on ratings downgrades

By Sara Rosenberg

New York, Nov. 10 – PrimeLine Utility Services LLC’s credit facility began trading during Tuesday’s market hours, with the term loan B quoted above its original issue discount, and Amaya Inc.’s term loans weakened as full-year earnings guidance was revised downwards.

PrimeLine’s $270 million seven-year covenant-light term loan B was quoted at 99¼ bid, 99¾ offered, according to a trader.

One trader had Amaya’s first-lien term loan quoted post-news at 95 bid, 97 offered, down from 97½ bid, 98½ offered, and a second trader had the loan at 93½ bid, 95½ offered, down from 98 bid, 98½ offered. The second-lien term loan was quoted by a trader at 98 bid, par offered, down from 100¼ bid, 101 offered.

Also in trading, Hamilton Sundstrand Industrial (Accudyne Industries Borrower SCA) saw its term loan fall after a double-notch ratings downgrade, and Sequa Corp.’s term loan moved around on the back of quarterly results.

Hamilton Sundstrand’s term loan fell to 88 bid, 90 offered from 91 bid, 93 offered, a trader said.

Sequa’s term loan was quoted on Tuesday by one trader at 76½ bid, 78½ offered and by a second trader at 76 bid, 77½ offered.

Moving to the primary market, Belk Inc. reduced the size of its term loan and increased the size of its ABL revolver, Star West Generation LLC and Higginbotham released price talk with launch, and Genex Holdings Inc. came to market with an add-on first-lien term loan.

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