NXP, First Data break; Envision, American Commercial, PolyOne, Match Group modify deals

By Sara Rosenberg

New York, Nov. 5 – Term loans from NXP BV and First Data Corp. made their way into the secondary market on Thursday, with levels quoted above their original issue discounts, and iHeartMedia Inc.’s term loan D fell a few points on disappointing earnings.

NXP’s $2.7 billion five-year term loan B (Ba1/BBB-) was seen at par bid, 100 3/8 offered, according to a trader.

By late day, First Data’s U.S. tranche was quoted at 99 3/8 bid, 99 5/8 offered, a source said.

iHeartMedia’s term loan D dropped to 77˝ bid, 78˝ offered from 82 bid, 83 offered after the company released financial results for the third quarter ended Sept. 30, a trader said.

Switching to the primary market, Envision Healthcare Corp. increased the size of its term loan B while decreasing pricing, and American Commercial Lines Inc. upsized its first-lien term loan, widened the spread and issue price and extended the call protection and cancelled plans for a second-lien term loan.

Additionally, PolyOne Corp. cut pricing and Libor floor on its term loan, Match Group Inc. lifted pricing, modified discount talk and sweetened the call protection, and Platform Specialty Products Corp. moved up the commitment deadline on its term debt.

Furthermore, Team Health Inc., Premiere Global Services Inc. and Ascensus Inc. (JCF Ascensus Holdings Inc.) released price talk with launch, and Higginbotham, Blue Coat Systems Inc. and Jamul Indian Village Development Corp. surfaced with new deal plans.

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