Drillships, Boulder, Meritas break; CityCenter dips; Surgery, Key Safety, Blackbrush revised

By Sara Rosenberg

New York, July 18 – Drillships Ocean Ventures Inc.’s (Ocean Rig), Boulder Brands Inc. and Meritas School Holdings LLC freed up for trading on Friday, and CityCenter Holdings LLC’s term loan softened on repricing news.

Over in the primary, Surgery Center Holdings Inc. (Surgery Partners) increased sizes and lowered pricing on its first- and second-lien term loans, adjusted the offer price on the first-lien tranche and canceled plans for a holdco loan.

Also, Key Safety Systems Inc. trimmed spreads on its first- and second-lien term loans and tightened the original issue discount on the first-lien tranche, and BlackBrush Oil & Gas (BBOG Borrower LP) upsized its second-lien term loan and modified the offer price.

In addition, Quorum Business Solutions released timing on its credit facility, and CCM Merger Inc. (MotorCity Casino Hotel) and St. George’s University emerged with new deal plans.

Drillships Ocean Ventures’ $1.3 billion senior secured term loan B (B2/B+) surfaced in the secondary market on Friday with levels quoted at par ½ bid, 101¼ offered, according to a market source.

Pricing on the term loan is Libor plus 450 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. There is call protection of 103 in year one, 102 in year two and 101 in year three.

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