Valeant dips, Ocwen up in trading; Riverbed, National Mentor, Armacell, Constantia revised

By Sara Rosenberg

New York, Feb. 23 – Valeant Pharmaceuticals International Inc.’s term loans were a little softer in the secondary market on Monday following an announcement that the company is acquiring Salix Pharmaceuticals Ltd., and Ocwen Financial Corp.’s term loan was better with news of an agreement to sell certain residential mortgage servicing rights.

Moving to the primary market, Riverbed Technology Inc. upsized its term loan, trimmed the spread, added a pricing step-down and adjusted the original issue discount due to strong demand, and National Mentor Holdings Inc. (Civitas Solutions Inc.) revised the discount on its incremental term loan B.

Also, Armacell tightened the offer price on its tack-on term loans and reduced pricing on its incremental euro debt, which is resulting in a repricing of its existing euro loan, and Constantia Flexibles lowered pricing on its term loans for a second time.

Furthermore, Vogue International moved up the commitment deadline on its add-on term loan, and Energy Transfer Equity LP released price talk on its term loan with launch.

Valeant Pharmaceuticals’ term loan B, C and D debt fell to 99½ bid, par offered form 99¾ bid, par ¼ offered after the company announced an agreement to buy Salix Pharmaceuticals for $158 per share in cash, or about $14.5 billion, according to a trader.

Salix’s term loan was unchanged on the news at 99 7/8 bid, par 1/8 offered, the trader said.

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