MKS Instruments, Precyse, Netsmart break; Ciena emerges in secondary following revisions

By Sara Rosenberg

New York, April 19 – MKS Instruments Inc.’s credit facility freed up for trading on Tuesday, with the term loan B quoted above its original issue discount, and Precyse Acquisition Corp. and Netsmart Technologies Inc. hit the secondary market as well.

MKS Instruments’ $780 million seven-year covenant-light term loan B was quoted at 99½ bid, 100½ offered, according to a trader.

Precyse Acquisition’s $460 million 6.5-year first-lien covenant-light term loan (B2/B) was quoted at 98¾ bid, 99½ offered, a trader said.

Netsmart Technologies’ $395 million seven-year first-lien term loan (B2/B+) was quoted at 99¾ bid, 100¼ offered, and the $167 million 7.5-year second-lien term loan (Caa2/CCC+) was quoted at 98 bid, 99 offered, a source remarked, adding that by the afternoon, the second-lien loan was bid higher at 98¼ bid, 99 offered.

In more happenings, Ciena Corp. increased the size of its term loan B, lowered pricing, added a step-down and tightened the original issue discount, and then the debt broke for trading late in the session.

Also, ATI Physical Therapy joined this week’s new issue calendar with a buyout financing transaction.

ATI Physical Therapy emerged with plans to hold a bank meeting at 10 a.m. ET on Thursday to launch a $930 million senior secured credit facility, according to a market source.

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