Calpine, ClubCorp, Valeant Pharmaceuticals free to trade; LightSquared changes surface

By Sara Rosenberg

New York, May 22 – Calpine Corp. reduced the size of its term loan B-5 and set the original issue discount at the tight end of guidance, and ClubCorp Club Operations Inc. firmed the spread on its term loan B at the wide side of talk, and then both deals freed up for trading on Friday.

Calpine downsized its seven-year senior secured term loan B-5 (Ba3) to $1.6 billion from $1.65 billion and finalized the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

ClubCorp set the spread on the repricing of its $901.1 million covenant-light senior secured term loan (B1) due July 24, 2020 at Libor plus 325 bps, the wide end of the Libor plus 300 bps to 325 bps talk, and left the 1% Libor floor, par issue price and 101 soft call protection for six months intact, a source remarked.

Another deal to make its way into the secondary market was Valeant Pharmaceuticals International Inc., with levels on its series D term loan bid in line with the issue price.

Valeant’s $1,109,000,000 series D term loan due February 2019 began trading during the session, with levels quoted at par bid, 100 1/8 offered, according to a market source.

Back in the primary market, LightSquared raised pricing on its first-lien term loan while sweetening the call protection and the ticking fee.

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