Westmoreland, Ascensus unfazed by add-on news; IPC, Mirion, Kaufman Hall disclose talk

By Sara Rosenberg

New York, Jan. 8 – Westmoreland Coal Co. and Ascensus Inc. both saw their terms loans hold steady in the secondary market on Thursday following news that the companies are planning add-on financings.

In more happenings, IPC Corp., Mirion Technologies LLC and Kaufman Hall & Associates LLC released talk with launch, and Ascend Learning came out with original issue discount guidance on its add-on loan.

Furthermore, timing was announced on Platform Specialty Products Corp./MacDermid Inc.’s incremental term loan and Advanced Computer Software Group joined next week’s calendar.

Westmoreland Coal’s existing term loan remained quoted in the 98 bid to 99 offered range after it was revealed that the company is planning on holding a call on Friday to launch a $50 million add-on senior secured term loan, according to a trader.

The existing $350 million six-year term loan was syndicated last month at pricing of Libor plus 650 basis points with a 1% Libor floor.

Proceeds from the add-on term loan will be used to back the company’s recently completed $34 million acquisition of Buckingham Coal Co. LLC.

Ascensus also came out with add-on news, after which its first-lien term loan was quoted at 99¼ bid, par ¼ offered and its second-lien term loan was quoted at 99 bid, par offered, both unchanged on the day, a trader said.

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