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Valeant gains more ground; Atlantic Power, MGM Growth, American Renal update deals
By Sara Rosenberg
New York, April 6 – Valeant Pharmaceuticals International Inc.’s term loans continued to climb higher in trading on Wednesday on the back of amendment proposal changes and an update on restatements and helped by a generally improved market tone.
Valeant’s term loans E and F were quoted at 96 bid, 96½ offered, up from 95 5/8 bid, 96 3/8 offered, the term loans C and D were quoted at 96¼ bid, 97 offered, up from 95 5/8 bid, 96 3/8 offered, and the term loan A3 was quoted at 96½ bid, 97½ offered, up from 95½ bid, 97 offered, one trader remarked.
Meanwhile, a second trader had the term loans E and F quoted at 96¼ bid, 97 offered, up from 95¾ bid, 96½ offered on Tuesday.
On Monday, the term loans E and F were quoted at 94 bid, 95 offered, the term loans C and D were quoted at 94¾ bid, 95¾ offered, and the term loan A3 was quoted at 95¼ bid, 96¼ offered.
Switching to the primary market, Atlantic Power LP (APLP Holdings LP) widened pricing and original issue discount on its term loan B while also sweetening the project finance quarterly cash flow sweep, and MGM Growth Properties Operating Partnership LP firmed spread and issue price on its term loan B at the tight end of revised talk.
Also, American Renal Holdings Inc. finalized the original issue discount on its add-on first-lien term loan at the tight side of guidance.
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