Physio-Control rises with acquisition news; Community Health loans down on earnings

By Sara Rosenberg

New York, Feb. 16 – Physio-Control International Inc.’s first-lien term loan was stronger in the secondary market on Tuesday following news that the company is being acquired by Stryker Corp., and Community Health Systems Inc.’s term loans weakened with disappointing earnings results.

Physio-Control’s first-lien term loan was quoted at 99½ bid, 100½ offered up from 97¾ bid, 98¾ offered, the trader said.

Levels on the company’s second-lien term loan post-news were seen at par bid, 102 offered, the trader added.

Community Health Systems’ term loan H and term loan G were quoted at 93¾ bid, 96 offered, down from 95¾ bid, 96¾ offered, and the term loan F was quoted at 96 bid, 98½ offered, down from 98 bid, 99 offered, the trader continued.

For the quarter, the company reported a net loss of $83 million, or $0.73 per share, versus net income of $100 million, or $0.87 per share, in the fourth quarter of 2014.

Moving to the primary market, National Veterinary Associates (NVA Holdings Inc.) joined this week’s new issue calendar.

National Veterinary Associates plans to hold a lender call on Wednesday morning to launch a $100 million incremental term loan, according to a market source.

And Gray Television Inc. completed its $425 million incremental senior secured term loan due June 2021, a news release said.

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