LANDesk reacts to buyout news; First American, Intermedia free to trade following updates

By Sara Rosenberg

New York, Jan. 3 – LANDesk Software Group Inc.’s first-lien term loan headed lower in the secondary market on Tuesday and its second-lien term loan was bid higher after news surfaced that the company is being acquired by Clearlake Capital Group LP.

In more happenings, First American Payment Systems LP firmed the original issue discount on its first-lien term loan B at the tight end of revised guidance and then the tranche, as well as the company’s second-lien term loan, broke for trading.

Also, Intermedia.net Inc. increased spreads on its first-and second-lien term loans, widened the original issue discount and sweetened the call protection on its first-lien tranche, and then the debt made its way into the secondary market.

Also, Synchronoss Technologies Inc., TeamHealth Holdings Inc. and Hearthside Group Holdings LLC joined this week’s new issue calendar.

LANDesk’s first- and second-lien term loans had opposite reactions in trading on Tuesday to the announcement that the company is being bought by Clearlake Capital from Thoma Bravo, according to a trader.

The first-lien term loan was quoted at par bid, par ¾ offered, down from 101 bid, 101½ offered, and the second-lien term loan was quoted at 102 bid, 102½ offered, up on the bid side from 101½ bid, 102½ offered, the trader said.

As part of the transaction, Clearlake will contribute its portfolio company HEAT Software to the new platform investment in LANDesk.

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