KAR Auction updated, breaks; AMC term B steady with acquisition news; HCA tweaks deal

By Sara Rosenberg

New York, March 4 – KAR Auction Services Inc. finalized the size of its term loan B-3 at the high end of revised guidance, and then the debt began trading during Friday’s market hours with levels quoted above its original issue discount.

KAR Auction Services firmed its seven-year term loan B-3 at $1.35 billion, the high end of revised talk of $1.15 billion to $1.35 billion and up from a launch size of $1.15 billion, according to a market source.

With final terms in place, KAR Auction Services’ term loan B-3 made its way into the secondary market on Friday, with levels seen at 99 7/8 bid, 100 3/8 offered and then at 100 1/8 bid, 100 3/8 offered, a trader remarked.

In more happenings, AMC Entertainment Holdings Inc.’s term loan B was unfazed by news that the company will be taking on additional debt to fund its acquisition of Carmike Cinemas Inc.

AMC Entertainment’s term loan B was quoted at par bid, 100¼ offered, unchanged from prior levels, a trader said.

Additionally, HCA Holdings Inc. firmed the spread on its term loan B-6 at the low end of guidance and modified the original issue discount, and Sears Holdings Corp. came out with price talk on its incremental term loan with launch.

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