Platform Specialty trades up with incremental, repricing launch; Dynacast, Exact reveal talk

By Sara Rosenberg

New York, Jan. 12 – Platform Specialty Products Corp./MacDermid Inc. saw its first-lien term loan rise in trading on Monday following the launch of its incremental term debt and news that the existing loan will be repriced higher in connection with the new deal.

Also in the loan market, Dynacast International and Exact Holding NV disclosed price talk in connection with their bank meetings, and Duff & Phelps Corp., Ziggo Secured Finance BV and TTM Technologies Inc. joined this week’s calendar.

Platform Specialty’s existing first-lien term loan headed higher in the secondary market on Monday with the launch of its incremental debt and a repricing of its existing debt, according to a trader.

The term loan was quoted at 98 1/8 bid, 98 7/8 offered, up from 98 bid, 98 ¾ offered, the trader said.

In the morning, the company held its previously announced bank meeting, and with the event, talk on its non-fungible $1 billion incremental covenant-light term loan B-2 due June 7, 2020 and fungible €83 million add-on covenant-light term loan due June 7, 2020 was disclosed.

The U.S. term loan B-2 is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, and the euro term loan is talked at Euribor plus 350 bps to 375 bps with a 1% floor and a discount of 98, the source continued. Both loans have 101 soft call protection for one year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.