Panda Hummel frees up; Valeant softens; handful of companies ready launches for this week

By Sara Rosenberg

New York, Oct. 26 – Panda Hummel’s credit facility freed to trade on Monday, with the $340 million funded seven-year term loan B seen at 96½ bid, 98½ offered, according to a trader.

The funded term loan B, as well as a $120 million delayed-draw seven-year term loan, is priced at Libor plus 600 basis points with a 1% Libor floor, and the debt was sold at an original issue discount of 96. The term loans are non-callable for three years, then at 102 in year four and 101 in year five.

During syndication, the funded term loan B was downsized from $380 million, the delayed-draw loan was upsized from $75 million, pricing on the tranches was raised from talk of Libor plus 550 bps to 575 bps and the discount widened from 99.

Goldman Sachs Bank USA is leading the funded and delayed-draw loans.

Additionally, the company is getting a $250 million 6.5-year term loan A priced at Libor plus 375 bps with no Libor floor that is being led by ICBC and Investec.

Also in trading, Valeant Pharmaceuticals International Inc.’s term loan E and F slid lower, and Interactive Data Corp.’s first-lien term loan saw levels tighten with news that the company is being acquired by Intercontinental Exchange.

Moving to the primary market, Belk Inc., T-Mobile USA Inc., Envision Healthcare Corp. and Shearer’s Foods LLC joined this week’s new issue calendar.

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