Waste Industries, BATS break; National Mentor accelerates deadline; DBRS cuts loan size

By Sara Rosenberg

New York, Feb. 20 – Waste Industries USA Inc.’s term loan B freed up for trading during Friday’s market hours with levels quoted above its original issue discount, and BATS Global Markets Inc. hit the secondary as well.

Over in the primary, National Mentor Holdings Inc. (Civitas Solutions Inc.) moved up the commitment deadline on its incremental term loan B, DBRS downsized its term loan, and Energy Transfer Equity LP and Tank Holding Corp. emerged with new loan plans.

Waste Industries’ $700 million five-year covenant-light term loan B (B1/BB-) began trading on Friday with levels seen at par 1/8 bid, par 5/8 offered, according to a trader.

Pricing on the loan is Libor plus 325 basis points with a 1% Libor floor and it was sold at an original issue discount of 99¾. There is 101 soft call protection for one year.

Recently, pricing on the term loan was reduced from talk of Libor plus 350 bps to 375 bps, the discount tightened from 99 and the call protection was extended from six months.

Bank of America Merrill Lynch, Macquarie Capital (USA) Inc., Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing credit facilities and repay industrial revenue bonds.

BATS Global Markets’ new debt broke too, with the $150 million three-year term loan quoted at 99 3/8 bid, 99 7/8 offered, a trader said.

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