HIT Entertainment up on buyout; UPC softens; Web, Tensar, PODS, Open Link tweak deals

By Sara Rosenberg

New York, Oct. 24 - HIT Entertainment's term loans headed higher during Monday's trading session following news that the company is being acquired by Mattel Inc., and UPC Financing Partnership's term loan AB was down from its recent breaking levels.

Moving to the primary, Web.com Group Inc. went out to lenders early on in the day with revised original issue discount talk on its first- and second-lien term loans that is wider than previous guidance and, as a result, a new commitment deadline was announced.

Also, Tensar International Corp. Inc. made changes to its first- and second-lien term loans, lifting pricing and sweetening discounts, and PODS Enterprises Inc. raised the spread on its facility for a second time.

On the flip side, Open Link Financial Inc. upsized its term loan and tightened pricing, and Open Text Inc.'s pro rata credit facility has been well met since launching early this month, with the deal filling out at initial terms and the hope being that allocations could go out later this week.

HIT Entertainment's first- and second-lien term loans were stronger on Monday after news emerged that the company is being purchased by investment-grade rated Mattel from Apax Partners for $680 million in cash, according to a trader.

The first-lien term loan was quoted at 98 bid, par offered, up from 97 bid, 99 offered on Friday, and the second-lien term loan was quoted at 94 bid, 96 offered, up from 91½ bid, 93½ offered, the trader said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.