Avago breaks; Neiman slides on sector struggles; Party City falls; Team Health updates deal

By Sara Rosenberg

New York, Nov. 13 – Avago Technologies Cayman Finance Ltd.’s massive term loan B made its way into the secondary market on Friday, Neiman Marcus Group LLC’s term loan retreated with retail sector concerns, and Party City Holdco Inc.’s term loan softened on the back of disappointing earnings.

Avago Technologies’ $9.75 billion seven-year covenant-light term loan B (Ba1/BBB/BBB) began trading on Friday, with levels quoted by one trader at 99¼ bid, 99¼ offered and by a second trader at 99 bid, 99 3/8 offered.

Also in trading, Neiman Marcus’ term loan softened to 92½ bid, 93½ offered from 95½ bid, 96½ offered as the retail sector in general has been under pressure following disappointing earnings results from a few players in the space, a trader said.

Party City’s term loan dropped to 98 bid, 99 offered from 99¼ bid, 99¾ offered on the heels of the release of third quarter numbers on Thursday that fell short of expectations, a trader remarked.

Meanwhile, on the new deal front, Team Health Inc. upsized its term loan B and finalized the spread at the tight end of guidance, and Azelis Group released price talk on its first-lien term loan in connection with its U.S. bank meeting.

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