TricorBraun gains in trading on buyout news; Protective Industrial releases price guidance

By Sara Rosenberg

New York, Jan. 7 – TricorBraun’s term loan headed higher in the secondary market on Thursday following news that the company is being acquired by Ares Management Corp. and Ontario Teachers’ Pension Plan Board from AEA Investors. AEA will retain a significant investment in the company.

TricorBraun’s term loan rose to 99¾ bid, par ¼ offered on Thursday from 99½ bid, par offered on Wednesday as the debt is expected to be repaid in connection with the company’s buyout, according to market sources.

Moving to the primary market, Protective Industrial Products Inc. held its lender call on Thursday and announced talk on the $435 million seven-year covenant-lite first-lien term loan at Libor plus 425 basis points with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

Careismatic Brands set a lender call for noon ET on Wednesday to launch $715 million of term loans, according to a market source.

The debt is split between a $575 million seven-year covenant-lite first-lien term loan and a $140 million eight-year covenant-lite second-lien term loan, the source said.

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