Platform Specialty, Jarden term debt unfazed by acquisition plans; Dayton shelves term loan

By Sara Rosenberg

New York, July 13 – Platform Specialty Products Corp.’s term loan debt was unchanged to slightly lower during Monday’s market hours, and Jarden Corp.’s term loan B-1 saw a weaker bid after both companies announced plans to use new debt for acquisitions.

Platform Specialty’s debt was quoted as flat or a bit lower from traders following the company’s announcement of a commitment for debt financing to acquire Alent plc.

Moving to the primary, Dayton Superior Corp. withdrew its term loan from market, and PLZ Aeroscience Corp. released price talk on its credit facility with launch.

Also, timing emerged on credit facilities from Alliant Insurance Services Inc. and Quality Distribution Inc., and Stahl joined this week’s new issue calendar.

In addition, Bluestem Brands Inc. completed its acquisition of Orchard Brands Corp., for which it obtained a $280 million term loan due 2020.

Pricing on the incremental term loan is Libor plus 750 bps with a 1% Libor floor, in line with pricing on the company’s existing $279 million term loan.

The acquisition of Belcan Corp. (Propulsion Acquisition LLC) by AE Industrial Partners LLC has closed.

To help fund the buyout, Belcan got a new $225 million credit facility that includes a $35 million ABL revolver and a $190 million six-year first-lien term loan.

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