Amneal, Avast, Bluestem, Genex break; First Advantage, Emerging Markets revise deals

By Sara Rosenberg

New York, June 26 – Amneal Pharmaceuticals LLC’s repriced term loan B hit the secondary market on Friday, with levels quoted at par ¼ bid, par ¾ offered.

Pricing on the loan is now Libor plus 350 basis points, reduced from 400 bps.

Avast, Bluestem Brands Inc., and Genex Holdings Inc. began trading as well.

Moving to the primary market, First Advantage (STG-Fairway Acquisitions Inc.) widened the spread and issue price on its $485 million seven-year first-lien term loan.

Interest was raised to Libor plus 525 bps from Libor plus 475 bps, while the original issue discount was moved to 98.5 from 99, a market source said.

Emerging Markets Communications LLC returned the original issue discount and call protection on its $92 million second-lien term loan to originally proposed terms.

The original issue discount was changed to 98.5 from revised talk of 98, in line with initial talk of 98.5. The hard call protection was moved back to the originally proposed 102 in year one and 101 in year two from revised talk of 103 in year one, 102 in year two and 101 in year three, according to a market source.

In other news, Zep Inc. obtained a new $402.5 senior secured credit facility that includes a $42.5 million five-year revolver and a $360 million seven-year term loan B for its buyout by New Mountain Capital LLC.

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