Dell launches pro rata tranches; NorthStar restructures term loan; loan funds see outflows

By Paul A. Harris

Portland, Ore., Jan. 27 – Bank loans were unchanged on very low volume as players were on the sidelines on Wednesday, according to a bank loan trader.

The recently minted GCP Applied Technologies Libor plus 450 basis point six-year covenant-light term loan B (Ba2/BB+) was continuing to turn in a stellar performance in the secondary market, according to the trader who added that the $275 million deal was a blowout.

GCP’s loan was 100 1/8 bid, 100 5/8 offered on Wednesday.

NorthStar Asset Management Group Inc. (NSAM LP) restructured its $500 million seven-year senior secured term loan B (Ba2/BBB-) on Wednesday.

The deal now includes a financial maintenance covenant set at three-times gross total leverage.

Dell Inc. launched the pro rata portions of its $20.5 billion senior secured credit facility to lenders at a bank meeting on Wednesday, according to a market source.

As reported, the facilities pro rata tranches include a $3 billion five-year revolver, a $3.5 billion three-year non-amortizing term loan A-1, a $3.5 billion five-year term loan A-2.

Pamplona Capital Management announced in a Wednesday press release that it has completed the acquisition of MedAssets, Inc.

As reported, MedAssets priced its $1.13 billion 6.5-year first-lien covenant-light term loan (B2/B) at Libor plus 475 bps, the low end of the Libor plus 475 bps to 500 bps talk.

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