Gates Global, American Tire Distributors break; Phillips-Medisize, Mediacom update deals

By Sara Rosenberg

New York, June 12 – Gates Global LLC’s credit facility freed up for trading during Thursday’s market hours, with the U.S. term loan quoted above its original issue discount price, and American Tire Distributors Inc. hit the secondary too.

Switching to the primary, Phillips-Medisize Corp. trimmed spreads on its first- and second-lien term loans, while also tightening the offer price and extending the call protection on the first-lien tranche, and Mediacom set pricing on its term loan J at the low end of talk and modified the original issue discount.

Furthermore, Rovi Solutions Corp., Husky International Ltd., Wencor Group LLC (Jazz Acquisition Inc.) and Birch Communications Inc. came out with talk in connection with their launches.

Gates Global’s credit facility broke for trading on Thursday, and the $2.49 billion seven-year first-lien covenant-light term loan (B2/B+) was seen at 99¾ bid, par offered on the open and then it moved up to par bid, par ¼ offered, according to one trader. Meanwhile, a second trader was quoting it at 99¾ bid, par offered in the late afternoon.

Pricing on the U.S. term loan, as well as on a €200 million seven-year first-lien covenant-light term loan (B2/B+), is Libor/Euribor plus 325 basis points with a 1% floor and the debt was sold an original issue discount of 99. The loans have 101 soft call protection for one year and a ticking fee of half the spread for days 31 to 60 and the full spread thereafter.

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