AMAG, Panda Stonewall break; SeaWorld drops with earnings; WorldPay revises add-on loan

By Sara Rosenberg

New York, Nov. 12 – AMAG Pharmaceuticals Inc. and Panda Stonewall both saw their new deals free up for trading on Wednesday, and SeaWorld Entertainment Inc.’s term loan softened with news of disappointing earnings results.

Moving to the primary market, WorldPay tightened the original issue discount on its add-on term loan B-2, C&J Energy Services Inc. released structure and talk on its deal with launch, and pricing guidance emerged on loans from B/E Aerospace Inc. and Terra-Gen Finance Co. LLC.

AMAG Pharmaceuticals’ $340 million six-year senior secured first-lien term loan B (Ba3/B+) hit the secondary market on Wednesday, with levels seen at 99˝ bid, par ˝ offered, according to a trader.

Pricing on the loan is Libor plus 625 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. There is hard call protection of 102 in year one and 101 in year two.

During syndication, the spread on the term loan was lifted from Libor plus 550 bps, the hard call protection was sweetened from 101 for one year, and amortization was increased to 10% in year one and 15% per annum thereafter from 5% in year one and 10% per annum thereafter.

Jefferies Finance LLC is leading the deal.

Proceeds from AMAG’s term loan B were used to help fund the acquisition of Lumara Health Inc. for $675 million, the closing of which was announced on Wednesday.

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