Protection 1, API Technologies break; Ineos gains; Premiere Global, Novolex changes emerge

By Sara Rosenberg

New York, April 21 – Protection 1’s (Prime Security Services Borrower LLC) incremental bank debt freed up for trading on Thursday, as did API Technologies Corp.’s credit facility, and Ineos’ term loans traded higher with earnings.

Protection 1’s $1,555,000,000 six-year covenant-light term loan was quoted at 99 7/8 bid, 100 5/8 offered, and then levels moved up to 100 3/8 bid, 100¾ offered, according to traders.

API Technologies’ $115 million term loan was quoted at 98½ bid, a trader remarked.

Ineos’ 2018 term loan was quoted at 99 7/8 bid, 100 3/8 offered, up from 99¾ bid, 100¼ offered, and the 2022 term loan was quoted at 99 5/8 bid, 100 1/8 offered, up from 99 3/8 bid, 99 7/8 offered, a trader said.

Switching to the primary market, Premiere Global Services Inc. adjusted the original issue discount on its first-lien term loan, and Novolex tightened the issue price on its incremental term loan and shortened the call protection.

Furthermore, ATI Physical Therapy released price talk with launch, and PVH Corp. emerged with plans for a $587 million add-on senior secured term loan A.

ATI Physical Therapy launched its $635 million seven-year first-lien covenant-light term loan (B1/B) with talk of Libor plus 500 bps with a 1% Libor floor, an original issue discount of 98 to 99 and 101 soft call protection for six months, according to a market source.

© 2015 Prospect News.
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