PQ, Delos Finance, Lumileds term loans break above par; Internet Brands releases price talk

By Sara Rosenberg

New York, Aug. 4 – PQ Corp.’s U.S. term loan freed up for trading on Friday with levels quoted above its issue price, and Delos Finance Sarl and Lumileds (Bright Bidco BV) made their way into the secondary market as well.

PQ’s $920.8 million senior secured covenant-light term loan (B2/B+) due Nov. 4, 2022 was seen at 100¾ bid, 101¼ offered, a trader said.

Delos Finance’s $1.5 billion term loan B due October 2023 was quoted at 100½ bid, 100¾ offered, according to a trader.

Lumileds’ $240 million add-on covenant-light first-lien term loan B (Ba3/B+) due June 2024 was seen at 100¾ bid, 101¼ offered, a market source said.

Over in the primary market, Internet Brands Inc. came out with price talk on its in-market term loans as ratings were received by Moody’s Investors Service, and ClubCorp, Engility Corp. and Gardner Denver Inc. joined the near-term primary calendar.

ClubCorp scheduled a bank meeting for 10 a.m. ET in New York on Monday to launch the new credit facilities for its buyout by Apollo Global Management LLC, a market source said.

Engility plans to hold a lender call at 1 p.m. ET on Monday to launch a repricing of its term loan B-1 and its term loan B-2, a market source remarked.

And Gardner Denver set a call for 9 a.m. ET on Monday to launch a new loan deal, according to a market source.

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