PPD frees to trade; ERT revises commitment deadline; Utz discloses size, price talk

By Sara Rosenberg

New York, Jan. 6 – PPD Inc. increased the size of its term loan, finalized the spread at the low end of guidance and tightened the original issue discount, and then the debt made its way into the secondary market on Wednesday.

The company lifted its seven-year term loan B to $3.05 billion from $2.55 billion, set pricing at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, and adjusted the original issue discount to 99.5 from 99, according to market sources.

In other news, ERT (eResearchTechnology Inc.) accelerated the commitment deadline for its incremental first-lien term loan, and Utz Brands Inc. came out with structure and price talk on its loan transaction that launched with a call during the session.

Furthermore, Protective Industrial Products Inc. and TMS International Corp. joined this week’s new-issue calendar.

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