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First Eagle Investment breaks; Valeant term loans slide; T-Mobile accelerates deadline
By Sara Rosenberg
New York, Oct. 30 – First Eagle Investment Management Inc.’s credit facility hit the secondary market on Friday. The $1.35 billion seven-year covenant-light term loan B was quoted at 98½ bid, 99 offered, according to a trader.
Pricing on the B loan is Libor plus 400 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 98.
Valeant Pharmaceuticals International Inc.’s term loans weakened after the company announced that it is severing its relationship with Philidor Rx Services LLC.
The company’s term loan C and D dipped to 93¼ bid, 93¾ offered from 93¾ bid, 94¼ offered, its term loan E slid to 93 bid, 93½ offered from 93 1/8 bid, 93 5/8 offered, and its term loan F fell to 93¼ bid, 93¾ offered from 93 3/8 bid, 93 7/8 offered during the session, a trader remarked.
Over in the primary market, T-Mobile USA Inc. moved up the commitment deadline on its $1 billion seven-year covenant-light term loan B (Baa3/BBB-) to 5 p.m. ET on Monday from noon ET on Thursday, a market source said.
As previously reported, the term loan is talked at Libor plus 300 bps with a 0.75% Libor floor and an original issue discount of 99.5.
U.S. Renal Care Inc., Avago Technologies Ltd. and Veritas Technologies Corp. set launches for their new deals.
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