MGM Growth, Sedgwick, AssuredPartners free to trade; Valeant better with amendment approval

By Sara Rosenberg

New York, April 7 –MGM Growth Properties Operating Partnership LP’s credit facility broke for trading during Thursday’s market hours, with the term loan quoted above its original issue discount. Deals from Sedgwick Claims Management Services Inc. and AssuredPartners Inc. began trading too.

In other secondary happenings, Valeant Pharmaceuticals International Inc.’s term loans inched higher as the company announced that its credit facility amendment and waiver request was approved.

Moving to the primary market, API Technologies Corp. widened pricing on its term loan, and Protection 1 (Prime Security Services Borrower LLC) and Novolex released price talk on their deals with launch.

Furthermore, Numericable-SFR SA and Insight Global (IG Investment Holdings LLC) approached lenders during the session with term loan transactions.

MGM Growth Properties’ credit facility freed to trade on Thursday, with levels on the $1.85 billion seven-year covenant-light term loan B quoted by one trader at par bid, par 3/8 offered and by a second trader at par 1/8 bid, par ½ offered.

Pricing on the term loan B is Libor plus 325 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

During syndication, the spread firmed at the low end of revised talk of Libor plus 325 bps to 350 bps and down from initial talk of Libor plus 400 bps to 425 bps, and the original issue discount was set at the tight end of revised talk of 99.5 to 99.75 and tight of initial talk of 99.

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