Dell up with acquisition news; FullBeauty revised; Lannett, XPO, Talen, Plaskolite set talk

By Sara Rosenberg

New York, Oct. 13 – Dell Inc.’s term loan headed higher in the secondary market on Tuesday on the back of the company’s announcement that it is purchasing EMC Corp.

Dell’s term loan was quoted at 99½ bid, par offered, up from 99 bid, 99½ offered, a trader said.

Meanwhile, in the primary market, FullBeauty Brands increased spreads on its first- and second-lien term loans, widened original issue discounts and modified the call protection on the second-lien debt.

FullBeauty Brands lifted pricing on its $820 million seven-year first-lien term loan (B1/B-) to Libor plus 475 basis points from Libor plus 450 bps and moved original issue discount talk to 92 to 93 from 99, while keeping the 1% Libor floor intact, according to a market source.

Also, pricing on the $345 million eight-year second-lien term loan (Caa1/CCC) was increased to Libor plus 900 bps from Libor plus 850 bps, the discount was changed to the 87 area from 98 to 98.5, and the call protection was adjusted to non-callable for one year, then at 102 in year two and 101 in year three, from 102 in year one and 101 in year two, the source said.

Also, Lannett Co. Inc., XPO Logistics Inc., Talen Energy Supply LLC and Plaskolite released price talk with launch, and eBay Enterprise Omni-Channel Logistics and Solutions Inc. and Pilot Travel Centers LLC joined this week’s calendar.

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