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U.S. Renal first-lien term loan weakens with incremental debt launch; DPx sets price talk
By Sara Rosenberg
New York, Sept. 5 – U.S. Renal Care Inc.’s first-lien term loan was a bit softer in the secondary market on Friday as the company launched and released original issue discount talk on its incremental first-lien term loan.
In more happenings, DPx Holdings BV disclosed pricing guidance on its term loan, and TriMark USA Corp. (TMK Hawk Parent Corp.), Crowne Group LLC and Gray Television Inc. joined the near-term calendar.
U.S. Renal’s existing first-lien term loan was seen at 99¾ bid, par ¼ offered in trading on Friday, down from 99 7/8 bid, par 3/8 offered, according to a trader.
In the morning, the company held the call to launch its fungible $75 million incremental covenant-light first-lien term loan (Ba3), and in connection with the call, original issue discount guidance on the new debt came out at 99 to 99½, a source remarked.
As previously reported, pricing on the incremental term loan matches the existing first-lien term loan at Libor plus 325 basis points with a 1% Libor floor.
Commitments are due on Sept. 12, the source added.
Barclays, Goldman Sachs Bank USA, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used with balance sheet cash to fund two acquisitions for about $98.3 million.
U.S. Renal is a Plano, Texas-based provider of dialysis services.
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