AmWINS breaks above OID; Protection 1, Novolex changes surface; American Airlines sets talk

By Sara Rosenberg

New York, April 18 – AmWINS Group Inc.’s add-on first-lien term loan made its way into the secondary market on Monday, with the debt seen trading above its original issue discount.

AmWINS Group’s fungible $40 million add-on first-lien term loan due Sept. 6, 2019 was quoted at par bid, 100½ offered, a trader remarked.

Meanwhile, in the primary market, Protection 1 (Prime Security Services Borrower LLC) tightened spread and original issue discount on its term loan as the debt saw a lot of demand from lenders, and Novolex increased the size of its incremental term loan.

Protection 1 trimmed pricing on its $1,555,000,000 six-year covenant-light term loan to Libor plus 450 bps from talk of Libor plus 475 bps to 500 bps, moved the original issue discount to 99 from 98 and eliminated the MFN sunset, according to a market source.

Novolex lifted its fungible incremental term loan to $475 million from $295 million and its subordinated debt financing to $240 million from $190 million, a market source said.

Also, American Airlines Group Inc. came out with price talk on its term loan B, and timing emerged on the launch of Brocade’s credit facility.

McGraw-Hill Global Education Holdings LLC launched its $1,305,000,000 six-year first-lien covenant-light term loan with a morning bank meeting.

© 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.