Quanex, Foundation Building, Allied Security break; Platform falls with updated guidance

By Sara Rosenberg

New York, Oct. 7 – Quanex Building Products Corp., Foundation Building Materials LLC and Allied Security Holdings LLC (AlliedBarton) saw their deals hit the secondary market on Wednesday, and Platform Specialty Products Corp.’s term loan weakened as the company modified adjusted EBITDA guidance for the year.

Quanex’s $310 million seven-year term loan B (B2/BB) was quoted at 98½ bid, 99½ offered, according to a trader.

Foundation Building Materials’ $245 million seven-year first-lien term B (B3/B+) was quoted at 95½ bid, 96½ offered, and the $80 million eight-year second-lien term loan (Caa2/CCC+) was quoted at 94 bid, 95 offered, a trader said.

Allied Security’s $84 million add-on covenant-light first-lien term loan (B1/B+) due February 2021 was seen at 97½ bid, 98½ offered, and the $30 million add-on covenant-light second-lien term loan (Caa2/CCC+) due August 2021 was seen at 96½ bid, 97½ offered, a trader remarked.

Platform Specialty Products’ term loan B-1 and term loan B-2 were quoted by one trader at 95 bid, 96 offered, down about 1½ points on the day, and by a second trader at 94¾ bid, 95¾ offered, down from 97 bid, 97½ offered.

Moving to the primary market, AssuredPartners Inc. released price talk with launch, and Computer Sciences Government Services Inc. is expected to bring its term loan B to market next week.

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