Insight Global, Mitchell break; Ocwen trades down; Platform Specialty, Alliant update deals

By Sara Rosenberg

New York, Jan. 23 – Insight Global (IG Investments Holdings LLC) and Mitchell International Inc. saw their term loan debt hit the secondary market on Friday, and Ocwen Financial Corp.’s term loan was softer with a debt default accusation.

Over in the primary, Platform Specialty Products Corp./MacDermid Inc. reduced the size of its U.S. term loan B-2 and set the spread at the low end of talk and lowered pricing on its add-on euro term loan as well as on the repricing of its existing U.S. term debt.

Also, Alliant Holdings increased the size of its add-on first-lien term loan, and Dollar Tree Inc. and Targa Resources Corp. joined the near-term calendar.

Insight Global’s $210 million first-lien tack-on covenant-light term loan B (B1/B) due October 2021 and $503 million extended term loan B due October 2021 began trading on Friday, with levels quoted at 99¼ bid, 99¾ offered, according to a trader.

Pricing on the tack-on loan and extended term loan B is Libor plus 500 basis points with a 1% Libor floor and they have 101 soft call protection for one year. The tack-on debt was sold at an original issue discount of 99.

Recently, the spread on the tack-on loan and the extended loan flexed up from Libor plus 475 bps.

Proceeds from the tack-on loan will be used to fund a distribution to the sponsor and minority shareholders.

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