Team Health, U.S. Renal free to trade; Shearer’s sets changes; Veritas suspends syndication

By Sara Rosenberg

New York, Nov. 17 – Team Health Inc.’s term loan B made its way into the secondary market on Tuesday and the debt was seen trading above its original issue discount, and U.S. Renal Care Inc.’s credit facility broke for trading as well.

Team Health’s $1,315,000,000 seven-year senior secured term loan B had levels quoted at 99¼ bid, 99¾ offered in the morning, and then it moved up to 99½ bid, par offered by late afternoon, according to traders.

U.S. Renal’s $1.75 billion seven-year first-lien covenant-light term loan (B1/B) was quoted at 99 3/8 bid, 99 7/8 offered, and its $265 million eight-year second-lien covenant-light term loan (Caa1/CCC+) was quoted at 98½ bid, a trader remarked.

Meanwhile, over in the primary, Shearer’s Foods LLC raised pricing on its incremental term loan and extended the call protection, and Veritas Technologies Corp. opted to delay its debt financing transactions as a result of unhospitable market conditions.

Also, Cable & Wireless Communications plc (Sable International Finance Ltd.) disclosed price talk with launch, and Access CIG LLC came out with original issue discount guidance, and Equinix Inc. joined this week’s new issue calendar.

In other news, Genex Holdings Inc. completed syndication of its fungible $25 million add-on first-lien term loan at initial talk of Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99, a market source said.

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