Westmoreland Coal, Emcore, Sonneborn, Emdeon free to trade; Compuware changes surface

By Sara Rosenberg

New York, Dec. 9 – Westmoreland Coal Co. increased the size of its term loan and Emcore Photovoltaics set pricing on its term loan at the wide end of guidance, and then both deals freed up for trading during Tuesday’s market hours, and term loans from Sonneborn LLC and Emdeon Inc. hit the secondary market too.

In more happenings, Compuware Corp. reworked sizes on its term loan B-1, asset-sale loan and second-lien term loan, widened pricing on all tranches in its credit facility, updated offer prices on its B-1, B-2 and second-lien debt and sweetened the call protection on the second-lien loan.

Also, Cengage Learning Acquisitions Inc. disclosed offer price talk with launch, and ATI Physical Therapy Inc. emerged with new deal plans.

Westmoreland Coal raised its six-year term loan to $350 million from $300 million, according to a market source, who said the loan is priced at Libor plus 650 basis points with a 1% Libor floor and an original issue discount of 97½.

The loan was upsized in response to a downsizing of the company’s bond offering to $350 million from $400 million.

After details finalized, the term loan freed up for trading on Tuesday with levels seen at 98½ bid on the break and then it moved up to 98¾ bid, 99¾ offered, the source said.

BMO Capital Markets is leading the deal that will be used with the new notes to refinance existing debt, including 10¾% senior secured notes.

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