Secondary sees multiple loans break for trading; primary busy with deal changes, launches

By Sara Rosenberg

New York, Sept. 29 – Deals from inVentiv Health Inc., Polycom Inc., Consolidated Communications Inc., MRP Generation Holdings LLC (Middle River Power) and Blackboard Inc. all surfaced in the secondary market on Thursday.

Also, Reynolds Group Holdings Inc. tightened the original issue discount on its incremental first-lien term loan, and Floor & Decor Outlets of America Inc. trimmed pricing on its term loan for a second time, and then both of these transactions freed up for trading as well.

Continuing on the topic of deal changes, Jo-Ann Stores Inc. downsized its term loan B and sweetened the spread, issue price and call protection, Focus Brands Inc. reduced the spread on its first-lien term loan, added a leverage-based step-down and firmed the original issue discount at the tight end of talk, and Mohegan Tribal Gaming Authority reduced the size of its term loan B in favor of a larger term loan A.

Furthermore, Hargray Communications modified the original issue discount on its incremental first-lien term loan, The Keter Group cancelled plans for a U.S. tranche within its term loan B so that it is now an all euro-denominated loan, and Ardagh Group (Ardagh Holdings USA Inc. and Ardagh Packaging Finance SA) updated timing on its amended and extended term loan B.

And, in more primary news, Platform Specialty Products Corp. (MacDermid Inc.), Talen Energy Corp., PetSmart Inc., Tweddle Group and Alkermes Inc. released talk with launch.

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