Penn Products, Nortek break; CPM, Advantage Sales updates deals; Natel EMS shutting early

By Sara Rosenberg

New York, April 1 – Penn Products Terminals LLC’s credit facility made its way into the secondary market on Wednesday, with levels on its term loan B quoted above its original issue discount, and Nortek Inc. began trading as well.

Over in the primary market, CPM Holdings Inc. increased the size of its term loan B and added a leverage-based pricing step-down, Advantage Sales & Marketing LLC firmed the offer price on its add-on term loan, and Natel EMS accelerated the commitment deadline on its term loan.

Furthermore, Air Medical Group Holdings Inc. and Polymer Group Inc. released price talk with launch, USIC Holdings Inc. approached lenders with an add-on term loan B, Staples Inc. and NEP/NCP Holdco Inc. came out with timing on the launch of their new deals, and Nellson Nutraceutical LLC joined this week’s calendar.

In other news, ServiceMaster Co. LLC completed its $175 million incremental term loan due 2021.

Pricing on the incremental term loan is Libor plus 325 bps with a 1% Libor floor, in line with existing term loan pricing, and it was sold at an original issue discount of 99¾, after tightening during syndication from 99½.

Valeant Pharmaceuticals International Inc. closed on its acquisition of Salix Pharmaceuticals Ltd. To help fund the transaction, Valeant got $5.15 billion of incremental term loan debt (Ba1/BB).

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