Laureate Education gains on asset sale; Alere retreats; NBTY revises deadline on term loans

By Sara Rosenberg

New York, April 20 – Laureate Education Inc.’s term loan B rose in the secondary market on Wednesday by a few points on the back of news that the company has reached an agreement to sell Laureate International Universities France SAS, and Alere Inc.’s term loan B weakened with some uncertainty over its pending acquisition by Abbott Laboratories.

Laureate’s term loan B was quoted at 95¼ bid, 96¼ offered in the morning, up from 91½ bid, 92½ offered in the previous session, the trader remarked.

Then, by mid-afternoon, the loan had settled in a bit at 94¾ bid, 95 ¾ offered, the trader added.

A source said that there were buyers in Alere’s term loan B in the 99 3/8 and 99½ contexts during the day, versus levels of par bid on Tuesday. By late day, when looking at quotes from various traders, the highest level the source was seeing on the term loan B was 99½ bid, par offered, and the lowest level he was seeing was 99 3/8 bid, 99 7/8 offered.

Moving to the primary market, NBTY Inc. accelerated the commitment deadline on its U.S. dollar and sterling term loan debt.

NBTY accelerated the commitment deadline on its $1.4 billion covenant-light term loan B (B1/B+) to Friday from April 27 and on its £300 million covenant-light term loan B (B1/B+) to Monday from April 27, according to a market source.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.