CHS, Presidio, Ranpak, Acrisure break; Virgin, ClubCorp, Valeant, Connolly, Varsity launch

By Sara Rosenberg

New York, May 14 – Community Health Systems Inc.’s (CHS) term loan G and term loan H made their way into the secondary market on Thursday following a change in sizes and finalization of the issue price on the G loan, and Presidio Inc., Ranpak Corp. and Acrisure LLC broke for trading too.

Presidio’s $575 million first-lien term loan due February 2022 was seen at par 1/8 bid, par ½ offered, a trader said, while Ranpak’s $232 million first-lien term loan due 2021 was quoted at par ¼ bid.

Acrisure’s $410 million first-lien term loan was quoted at 99½ bid, par offered.

In the primary market, Virgin Media and ClubCorp Club Operations Inc. details emerged with launch, Valeant Pharmaceuticals International Inc., Connolly Inc. and Varsity Brands Inc. released price talk on their transactions, and Life Time Fitness Inc. (LTF Merger Sub Inc.) revealed timing and structure on its buyout deal.

Life Time plans to launch a $1.35 billion credit facility that includes a $250 million revolver and a $1.1 billion seven-year term loan B, according to a market source.

The company set a bank meeting in New York on Monday and will subsequently hold east coast one-on-ones.

Proceeds will be used with $600 million of senior notes and a $900 million sale leaseback to help fund the $4 billion buyout of the company by Leonard Green & Partners and TPG.

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