Bluestem Brands breaks; Panda Stonewall changes surface; HealthPort accelerates deadline

By Sara Rosenberg

New York, Nov. 10 – Bluestem Brands Inc.’s term loan made its way into the secondary market on Monday afternoon with levels seen above the debt’s original issue discount price.

Meanwhile, in the primary market, Panda Stonewall modified its funded and delayed-draw term loan sizes and trimmed pricing on the tranches.

Also, HealthPort (CT Technologies Intermediate Holdings and Smart Holdings Corp.) moved up the commitment deadline on its credit facility, and C&J Energy Services Inc. postponed the launch of its new deal to later this week.

Furthermore, Ineos approached lenders with an extension request, and U.S. TelePacific Corp., Terra-Gen Finance Co. LLC and Packers Holdings LLC (PSSI) joined the near-term calendar.

Bluestem’s $300 million six-year first-lien term loan (B2/B) broke for trading on Monday with levels quoted at 96¼ bid, 96¾ offered, according to a trader.

Pricing on the loan is Libor plus 750 basis points with a 1% Libor floor and it was sold at an original issue discount of 96. There is 101 soft call protection for one year.

During syndication, pricing was increased from Libor plus 650 bps, the original issue discount widened from 98, the maturity was shortened from seven years, amortization was sweetened to 5% per annum from 2.5% per annum and the excess cash flow sweep was lifted to 75% from 50%.

Credit Suisse Securities (USA) LLC and Jefferies Finance LLC led the term loan

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