Astra changes surface; Messer Industries shelves repricing; Alkermes reveals price talk

By Sara Rosenberg

New York, Feb. 24 – In the primary market on Monday, Astra lifted the spread on its first-lien term loan, increased the Libor floor and widened the original issue discount, and Messer Industries withdrew the repricing of its U.S. and euro term loans due to unfavorable market conditions.

Specifically, Astra raised pricing on its $325 million seven-year first-lien term loan to Libor plus 550 basis points from Libor plus 500 bps, lifted the Libor floor to 1% from 0% and changed the original issue discount to 98.5 from 99. The term loan still has 101 soft call protection for six months.

Allocations are expected on Wednesday.

Messer Industries shelved the repricing of its $2.206 billion term loan B due March 2026 and €540 million term loan B due March 2026 because of market conditions.

The term loans were talked at Libor/Euribor plus 225 bps with a 0% floor and 101 soft call protection for six months. The U.S. loan was talked with an original issue discount of 99.875, and the euro loan was talked with a step-up to Euribor plus 250 bps at more than 4.5x net leverage discount and a discount in the range of 99.875 to par.

Furthermore, Alkermes Inc. released price talk with launch, and Capstone Logistics Acquisition Inc., Service Logic and Atlas Technical Consultants Inc. joined this week’s primary calendar.

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