Solenis, Novitex, Jacobs Douwe, TerraForm, GST AutoLeather, Intelligrated free to trade

By Sara Rosenberg

New York, July 2 – Solenis International LP (Ashland Water Technologies), Novitex Acquisition LLC (Pitney Bowes Management Services), Jacobs Douwe Egberts, TerraForm Power Inc., GST AutoLeather Inc. and Intelligrated all freed up for trading on Wednesday.

Switching to the primary, AmSurg Corp. reduced the spread on its term loan B and tightened the original issue discount, and Iglo Foods Midco Ltd. modified price talk and revealed the offer price on its term B debt.

In addition, Tribune Publishing Co. widened pricing and the original issue discount on its term loan and extended the call protection, and TriNet HR Corp. increased the size of its term loan B while decreasing the spread and downsizing its term loan A.

Also, Drillships Ocean Ventures Inc. (Ocean Rig), Citgo Petroleum Corp., iParadigms Holdings LLC, Ipreo Holdings LLC, Southcross Holdings Borrower LP, Southcross Energy Partners LP, Surgery Center Holdings Inc. (Surgery Partners), MD America Energy, Wausau Paper Corp. and Miller Heiman joined next week’s calendar.

Solenis’ credit facility broke for trading on Wednesday, with the $630 million seven-year first-lien covenant-light term loan (B2/B) quoted at par bid, par ½ offered and the $470 million eight-year second-lien covenant-light term loan (Caa1/B-) quoted at par bid, par ¾ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 325 basis points with a 1% Libor floor and it was sold at an original issue discount of 99½. There is 101 soft call protection for six months.

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