DYK Automotive breaks; Pinnacle Entertainment updates talk; MKS, AssuredPartners launch

By Sara Rosenberg

New York, April 4 – DYK Automotive/AAHC’s credit facility made its way into the secondary market on Monday, with levels on the term loan quoted above its original issue discount.

DYK Automotive’s $134 million term loan was seen at par bid, 101 offered, according to a trader.

Meanwhile, in the primary market, Pinnacle Entertainment Inc. updated price talk on its $350 million seven-year covenant-light term loan B (Ba2/BB+) to Libor plus 350 bps to 375 bps, from just Libor plus 375 bps, and cut the Libor floor to 0.75% from 1%, according to a market source.

Also, MKS Instruments Inc. released price talk on its term loan B with launch, AssuredPartners Inc. set original issue discount guidance on its incremental term loan, and Brocade emerged with new deal plans.

MKS Instruments held its bank meeting on Monday, launching its $800 million seven-year covenant-light term loan B (Ba2/BB) with talk of Libor plus 450 bps with a 0.75% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, a market source remarked.

AssuredPartners came out with original issue discount talk of 98.5 on its $110 million incremental first-lien term loan, according to a market source.

And Brocade is expected to hold a bank meeting during the week of April 11 to launch a $900 million five-year senior secured credit facility, a market source said.

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