American Energy, Tensar, Amneal break; Red Lobster revised; loads of new deals launch

By Sara Rosenberg

New York, July 9 – American Energy – Marcellus LLC’s first- and second-lien term loans surfaced in the secondary market on Wednesday, and Tensar Corp. and Amneal Pharmaceuticals LLC freed up for trading as well.

Moving to the primary, Red Lobster Management LLC raised the spread on its term loan, widened the original issue discount, extended the call protection, modified the accordion and adjusted the excess cash flow sweep.

Also, Surgery Center Holdings Inc. (Surgery Partners), National Financial Partners Corp., Citgo Petroleum Corp., Emerald Expositions Holding Inc., Gemini HDPE LLC, Sinclair Television Group Inc., Onsite Rental Group, ALM Media, Outerstuff LLC and The Mutual Fund Store (TMFS Holdings LLC) set talk with launch.

In addition, Miller Heiman revealed original issue discount guidance on its add-on term loan, and Dave & Buster’s Inc., Raycom TV, Osmose Holdings Inc. and Hemisphere Media Group Inc., Springer Science + Business Media surfaced with new deal plans.

American Energy – Marcellus’s loans started trading on Wednesday, with the $750 million six-year first-lien covenant-light term loan (Ba3/B-) quoted at par 3/8 bid, par 7/8 offered and the $450 million seven-year second-lien covenant-light term loan (Caa1/CCC) quoted at 99¾ bid, par ¾ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99½. There is 101 soft call protection for six months.

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