UPC Financing Partnership, Coveris Holdings, Polyone break; Broadcom deal updates surface

By Sara Rosenberg

New York, July 29 – UPC Financing Partnership’s term loan AN freed up for trading on Friday above its original issue discount, and Coveris Holdings SA’s add-on term loan broke as well.

UPC’s $2.15 billion eight-year covenant-light term loan AN was quoted at 99¾ bid, par offered, according to a trader.

Coveris’ fungible add-on term loan (B2) due May 8, 2019 also began trading, with the $172.5 million U.S. tranche quoted at 100¼ bid, 101¼ offered, a market source said.

Also, PolyOne Corp. changed the issue price on its $100 million incremental senior secured covenant-light term loan B due Nov. 12, 2022 to par from 99.75 and left pricing at Libor plus 275 bps with a 0.75% Libor floor, a market source said. Commitments were due at noon ET on Friday, moved up from noon ET on Wednesday, and by late day, the debt had freed up for trading at 100½ bid, 101 offered, a trader added.

And, in more happenings, Broadcom Ltd. increased the size of its term loan B-3, finalized the spread at the low end of guidance and added a pricing step-down, and Omnova Solutions Inc. and inVentiv Health Inc. joined the near-term new issue calendar.

Grosvenor Capital Management set a lender call for noon ET on Monday to launch an extension of the maturity of its term loan B to August 2023 from January 2021, according to a market source.

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