AssuredPartners, Netsmart, CSRA break; Hertz, Valeant slide with earnings, slashed outlooks

By Sara Rosenberg

New York, Nov. 8 – AssuredPartners Inc. finalized the spread on its first-lien term loan at the high end of guidance and then the debt surfaced in the secondary market on Tuesday, and deals from Netsmart Technologies Inc. and CSRA Inc. began trading too.

In more secondary happenings, Hertz Global Holdings Inc.’s term loan softened as the company announced disappointing quarterly numbers and lowered full-year estimates, and Valeant Pharmaceuticals International Inc.’s term loans retreated on earnings news, reduced full-year guidance and ratings downgrades.

Returning to the primary market, Accuride Corp. downsized its term loan B and sweetened the call protection, Telesat Canada upsized its term loan B and Garda World Security Corp. firmed the original issue discount on its add-on first-lien term loan at the wide end of guidance.

Also, Strike LLC widened spread and original issue discount talk on its term loan B, and added a financial covenant, and PQ Corp. modified U.S. and euro term loan sizes and pricing and set issue prices at the tight end of talk.

Furthermore, Innovative XCessories & Services LLC released price talk on its loan deal with launch, and Hostess Holdco LLC and GlobalLogic joined this week’s new issue calendar.

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