Epicor term loan strengthens with buyout news; Arbor Pharmaceuticals outlines term B changes

By Sara Rosenberg

New York, July 5 – Epicor Software Corp.’s term loan gained some ground in the secondary market on Tuesday after the company announced that it is being acquired by KKR, and AdvancePierre Foods Inc.’s first-lien term loan was better, likely helped more by the improved market tone than by paydown news.

Epicor Software’s term loan was quoted at 99 bid, 99¾ offered, up from 98¼ bid, 99 offered, the trader said.

AdvancePierre Foods’ term loan moved to 100 1/8 bid, 100 5/8 offered from par bid, 100½ offered, a trader said, explaining that the debt was mostly just affected by the better feel in the general secondary market.

The company announced in the morning plans to repay a portion of the first-lien term loan using proceeds from an initial public offering of common stock.

Meanwhile, in the primary market, Arbor Pharmaceuticals LLC lifted pricing on its term loan B, widened original issue discount, extended the call protection and made a number of documentation changes.

Arbor Pharmaceuticals raised pricing on its $500 million seven-year covenant-light term loan B to Libor plus 500 basis points from talk of Libor plus 425 bps to 450 bps, revised original issue discount talk to 94 to 95 from 99 and extended the 101 soft call protection to one year from six months, according to a market source.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.