Energy Transfer, Panda Temple break; Community Health, American Beacon reveal changes

By Sara Rosenberg

New York, March 4 – Energy Transfer Equity LP’s first-lien term loan made its way into the secondary market on Wednesday with levels seen above its original issue discount, and Panda Temple I began trading as well.

Switching to the primary, Community Health Systems Inc. increased the size of its term loan F and modified the original issue discount, and American Beacon Advisors Inc. moved some funds between its first- and second-lien term loans and tightened the spread and offer price on its first-lien debt.

Furthermore, C&J Energy Services Inc. postponed the launch of its new loan transaction, ServiceMaster Co. LLC launched its incremental term loan, and E.W. Scripps Co. emerged with new deal plans.

Energy Transfer Equity’s $850 million first-lien term loan (Ba2/BB/BB+) due Dec. 2, 2019 broke for trading on Wednesday with levels quoted at 99½ bid, par offered on the open, according to a market source. The debt then moved up to 99¾ bid, par ¼ offered by the afternoon, another source remarked.

Pricing on the loan is Libor plus 325 basis points with a 0.75% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for six months.

Earlier this week, the term loan was upsized from $500 million, the spread was reduced from talk of Libor plus 350 bps to 375 bps and the call protection was shortened from one year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.