Impax Laboratories, Dealer Tire, TASC, Caraustar Industries, Amneal, ATI Physical break

By Sara Rosenberg

New York, Dec. 17 – Impax Laboratories Inc. extended the call protection on its term loan and then freed up for trading on Wednesday, and Dealer Tire LLC, TASC Inc., Caraustar Industries Inc., Amneal Pharmaceuticals LLC emerged in the secondary as well.

In more loan happenings, ATI Physical Therapy Inc. finalized pricing on its term loan at the high end of guidance, set the original issue discount around the midpoint of talk and then broke for trading, and First Advantage pulled its term loans from market.

Impax Laboratories pushed out the 101 call protection on its $435 million six-year senior secured term loan to one year from six months and left pricing at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source. The debt also still has a ticking fee of half the spread from days 31 to 60 and the full spread and floor thereafter.

The company’s $485 million credit facility includes a $50 million five-year revolver as well.

After finalizing terms, the debt broke for trading, with the term loan quoted at 99 1/8 bid, par 1/8 offered, a trader remarked.

Barclays, RBC Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used with cash on hand to fund the acquisition of Tower Holdings Inc., including operating subsidiaries CorePharma LLC and Amedra Pharmaceuticals LLC, and Lineage Therapeutics Inc. for $700 million in cash.

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