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Weather rises with IBM agreement; Computer Sciences Government, Plaskolite set changes
By Sara Rosenberg
New York, Oct. 28 – Weather Co. (TWCC Holding Corp.) saw its first- and second-lien term loans move higher in the secondary market on Wednesday after news surfaced that IBM is purchasing its B2B, mobile and cloud-based web properties, according to a trader.
The TV segment, the Weather Channel, will not be acquired by IBM but will license weather forecast data and analytics from IBM under a long-term contract.
Following the news, Weather Co.’s first-lien term loan was quoted at 99¾ bid, par ¼ offered, up from 99¼ bid, par offered, and its second-lien term loan was quoted around 98 bid, up from around 94 bid, the trader said.
Closing is expected in the first quarter of 2016, subject to customary closing conditions and regulatory clearance.
Weather Co. is owned by Blackstone Group, Bain Capital and NBCUniversal.
In the primary market, Computer Sciences Government Services Inc. set its term loan B and pro rata tranche sizes and updated pricing and call protection on the B loan, and Plaskolite upsized its first-lien term loan, firmed the spread at the wide end of guidance, added a pricing step-down and extended the call protection.
Also, Belk Inc., T-Mobile USA Inc., Envision Healthcare Corp., PolyOne Corp. and New Albertson’s Inc. disclosed price talk with launch, and Shoes for Crews hopped on the near-term new issue calendar.
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