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Gardner Denver, Cox Media free to trade; PQ tweaked; American Airlines cancels loan plans
By Sara Rosenberg
New York, June 24 – Gardner Denver Inc. (Ingersoll-Rand) tightened the original issue discount on its term loan B, and then the debt broke for trading on Wednesday, and Cox Media Group’s add-on term loan made its way into the secondary market as well.
Specifically, Gardner Denver changed the original issue discount on its $400 million senior secured covenant-lite term loan B (Ba2/BB+) due February 2027 to 98.5 from 98, according to a market source.
As before, the term loan is priced at Libor plus 275 basis points with a 0% Libor floor and has 101 soft call protection for six months.
Recommitments were due at noon ET on Wednesday and the term loan began trading in the afternoon with levels quoted at 98¾ bid, 99¼ offered.
Cox Media’s $150 million add-on term loan broke for trading with levels quoted at 97½ bid, 98 offered, a trader remarked.
Pricing on the add-on term loan is Libor plus 425 bps with a 0% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 97.5.
Also, PQ Corp. increased the size of its term loan B and set the original issue discount at the tight end of guidance, and American Airlines Inc. cancelled plans for a term loan B.
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