Agrilink, Regal hit secondary with par-plus quotes; Charter steadies after Thursday's rise

By Sara Rosenberg

New York, Aug. 9 - Agrilink Foods Inc. and Regal Cinemas broke for trading in the secondary bank loan market on Friday at par-plus levels, according to market sources. Meanwhile, Charter Communications Inc. remained flat following Thursday's upward movement.

Agrilink Foods was quoted around par and 1/8 to par and 1/2, a market professional said.

"There weren't really any offers out because no one wants to sell," the professional said. "People tucked the asset away and they don't want to give it away."

The Rochester, N.Y. frozen vegetables company recently launched a $470 million credit facility (Ba3/B+), consisting of a $200 million five-year revolver with an interest rate of Libor plus 275 basis points and a $270 million seven-year term loan B with an interest rate of Libor plus 300 basis points.

Proceeds from the loan will be used to support the leveraged buyout by Vestar Capital Partners.

JPMorgan Chase, Bank of America and Bank of Montreal are the lead banks on the deal.

Charter Communications Inc. was flat today in the secondary bank loan market after rallying about a point on Thursday to a bid of 88 and an offer of 89, according to a trader.

"Talk of Paul Allen taking it private boosted it a bit," the trader said. "And there's talk of assets sales."

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