Mueller Water, Novetta Solutions break; TierPoint, Creganna-Tactx, CareCore update deals

By Sara Rosenberg

New York, Nov. 19 – Mueller Water Products Inc.’s term loan B made its way into the secondary market on Wednesday with the debt seen trading above its original issue discount, and Novetta Solutions began trading as well.

Over in the primary, TierPoint moved funds between its first- and second-lien term loans, reduced pricing on the tranches and sweetened the first-lien call protection, and Creganna-Tactx Medical tightened spreads and original issue discounts on its first- and second-lien term loans.

In addition, CareCore National LLC upsized its add-on term loan B, modified the offer price and extended the call protection, Sonneborn LLC came out with price talk on its new deal with launch and Q Holdings surfaced with loan plans.

Mueller Water Products’ $500 million seven-year covenant-light term loan B (B2/BB) broke for trading on Wednesday, with levels quoted at 99¾ bid, par ¼ offered, according to a trader.

Pricing on the loan is Libor plus 325 basis points with a 0.75% Libor floor and it was sold at an original issue discount of 99½. There is 101 soft call protection for one year.

Recently, the spread on the term loan was reduced from Libor plus 375 bps, the discount firmed at the tight end of the 99 to 99½ talk and the call protection was extended from six months.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are among the leads.

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