Templar details structure; Capital Automotive sets lender call; trader sees price improvement

By Paul A. Harris

Portland, Ore., Sept. 3 – The leveraged loan market was flat to up 1/8 of a point on Wednesday, a trader said.

Prices are a little stronger over the past week and have certainly improved from the weakness seen in mid-August, the trader said.

The H.J. Heinz Co. term loan B1 was heading out par 1/8 bid on Wednesday, the trader said. That's up from 99¾ bid on Aug. 20 and 99½ bid on Aug. 15.

Meanwhile, the calendar has yet to show a lot of post-Labor Day momentum, the trader said, adding that August was massive in the new issue market.

In the primary market, Templar Energy LLC detailed the structure of its $550 million second-lien term loan.

And Capital Automotive LP set a Thursday lender call for its $100 million incremental second-lien term loan.

Templar Energy’s $550 million seven-year senior secured second-lien term loan (B3/B-) was talked at a Wednesday bank meeting with a Libor plus 750 to 775 basis points spread with a 1% Libor floor at 98, according to a market source.

The loan features hard calls at 102 and 101 in years one and two, respectively.

Commitments are due at 2 p.m. ET on Sept. 12, and the deal is expected to close on Sept. 19.

Administrative agent Citigroup Global Markets is the left lead arranger. Barclays, Goldman Sachs & Co., Morgan Stanley & Co. and Natixis are joint lead arrangers.

© 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.