ERT, Evoqua, Quorum Health break; DJO down on downgrades; Samsonite, Pinnacle tweak deals

By Sara Rosenberg

New York, April 12 – ERT (eResearchTechnology Inc.) lowered pricing on its term loan, modified the issue price and extended the call protection, and Evoqua Water Technologies (EWT Holdings III Corp.) tightened the spread and original issue discount on its term loan, and then both deals made their way into the secondary market on Tuesday.

ERT’s term loan B hit the secondary market with levels quoted at 99½ bid, a source said.

Evoqua’s tack-on first-lien term loan was quoted at 99½ bid, par offered, a trader remarked.

In more trading happenings, Quorum Health Corp.’s credit facility freed up, and DJO Finance LLC’s term loan retreated by a few points on the back of downgrades to the company’s corporate rating and credit facility rating by Moody’s Investors Service.

Back in the primary market, Samsonite trimmed pricing on its term loan B and set the original issue discount at the tight end of guidance, Pinnacle Entertainment Inc. cut price talk on its B loan while also revising the issue price and the call protection, and Netsmart Technologies Inc. moved up the commitment deadline on its deal.

Also, Ciena Corp. released price talk with launch, Pharmaceutical Product Development LLC (Jaguar Holding Co. II) came to market with a tack-on term loan, and Russell Investments and PQ Corp. surfaced with new deal plans.

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