IPC second-lien loan frees up; Energy Transfer reworks loan; Ineos, Headwaters float talk

By Sara Rosenberg

New York, March 3 – IPC Corp.’s second-lien term loan made its way into the secondary market on Tuesday with the debt quoted above its original issue discount, and its first-lien term loan was a little stronger in trading.

Over in the primary, Energy Transfer Equity LP upsized its term loan, reduced pricing and shortened the call protection, Ineos Finance plc and Headwaters Inc. released price talk with launch, Coinmach (CSC Serviceworks) came out with original issue discount guidance on its add-on term loan, and Wabash National Corp. and Freif NAP I Holdings III LLC joined this week’s calendar.

IPC’s $305 million seven-year second-lien covenant-light term loan (B-) freed up for trading on Tuesday with levels seen at 92˝ bid, 93˝ offered, according to a trader.

Pricing on the second-lien loan is Libor plus 950 basis points with a 1% Libor floor, and it was sold at an original issue discount of 92. The debt is non-callable for one year, then at 103 in year two and 101 in year three.

During syndication, the second-lien term loan was downsized from $345 million, pricing was raised from Libor plus 850 bps, the discount widened from revised talk of 95˝ and initial talk of 98˝, the call protection was modified from 102 in year one and 101 in year two, and the maturity was shortened from eight years.

Barclays and Credit Suisse Securities (USA) LLC led the deal.

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