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Acadia Healthcare restructures, breaks atop OID; Vizient tweaks deals; Kraton relaunches
By Sara Rosenberg
New York, Feb. 4 – Acadia Healthcare Co. Inc. removed the sterling tranche from its incremental term loan B and reduced pricing, and then late Thursday the debt made its way into the secondary market with levels quoted above its original issue discount.
Acadia Healthcare eliminated the £250 million sterling tranche from its $955 million incremental senior secured term loan B (Ba2/BB-), making all $955 million dollars, and trimmed the spread to Libor plus 375 basis points from Libor plus 400 bps, a market source said.
Late in the day, the term loan B freed up for trading with levels seen at 99¾ bid, 100¼ offered, a trader remarked.
In more happenings, Vizient Inc. downsized its term loan, widened the spread and original issue discount and sweetened the call protection, and Kraton Polymers LLC brought its term loan back to market.
Vizient reduced its seven-year secured term loan to $1,275,000,000 from a revised amount of $1,375,000,000 and a launch size of $1,475,000,000, according to market sources.
Kraton Polymers held a lender call at 2 p.m. ET on Thursday, launching an $878 million senior secured term loan B (Ba3/B+) due Jan. 6, 2022 talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 92 and 101 soft call protection through Jan. 6, 2017, a market source remarked.
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