American Tire breaks; Citgo softens on holdco debt plans; Global Knowledge changes emerge

By Sara Rosenberg

New York, Jan. 20 – American Tire Distributors Inc.’s incremental term loan made its way into the secondary market on Tuesday, with levels quoted above its original issue discount, and Citgo Petroleum Corp. saw its term loan B weaken on news of additional debt at the holdco level.

Also in trading, Endo International plc’s term loan B was unchanged to better as the company came out with more details on financing plans for its acquisition of Auxilium Pharmaceuticals Inc.

Moving to the primary market, Global Knowledge Training LLC raised pricing and modified original issue discounts on its first- and second-lien term loans, SIG Combibloc Group AG and Curo Health Services released price talk with launch, and Select Staffing (Koosharem LLC) joined this week’s calendar.

American Tire Distributors’ $140 million non-fungible covenant-light secured term loan due June 1, 2018 began trading on Tuesday, with levels seen at 98¾ bid, 99¼ offered, according to a trader.

Pricing on the loan is Libor plus 475 basis points with a step-down to Libor plus 450 bps at total net leverage of 4 times and a 1% Libor floor. There is 101 hard call protection until March 28, 2015, and the debt was issued at an original issue discount of 98¼ after tightening last week from 98.

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