Valeant rises with Walgreens agreement; Konecranes Terex frees up; MB Aerospace updated

By Sara Rosenberg

New York, Dec. 15 – Valeant Pharmaceuticals International Inc.’s term loan debt was stronger in the secondary market on Tuesday after the company disclosed new fulfillment agreements with Walgreens and distribution plans, and Konecranes Terex plc’s new bank debt broke for trading.

Valeant Pharmaceuticals’ term loan F was quoted at 95¼ bid, 96¼ offered, up from 94½ bid, 95½ offered, a trader said.

Konecranes Terex’s $355 million seven-year term loan B was quoted at 98 bid, 99 offered, and the €500 million seven-year term loan B was quoted at 98½ bid, 99 offered, a trader remarked.

Meanwhile, over in the primary market, MB Aerospace finalized the spread on its term loan at the tight end of guidance.

MB Aerospace set pricing on its $150 million first-lien term loan at Libor plus 550 bps, the low end of the Libor plus 550 bps to 575 bps talk, and left the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, a market source said.

In other news, ProQuest LLC completed its acquisition of Ex Libris Group, a provider of library automation solutions, according to a news release.

To help fund the transaction, ProQuest got a new $275 million incremental first-lien term loan (B2/B) priced at Libor plus 475 bps with a 1% Libor floor and issued at a discount of 97.5, after widening the other day from 99.

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