Walgreens Infusion hits secondary; Heinz rises; Hyperion, Regal, Townsquare revise deals

By Sara Rosenberg

New York, March 25 – Walgreens Infusion Services’ credit facility freed up for trading on Wednesday with the term loan B bid above par, and H.J. Heinz Co. saw its term debt creep higher with news of a merger with Kraft Foods Group Inc.

Moving to the primary market, Hyperion Insurance Group Ltd. upsized its term loan, set pricing at the low end of guidance, added a step-down, tightened the offer price and sweetened the call premium.

Also, Regal Cinemas Corp. cut the spread on its term loan, adjusted the original issue discount and shortened the call protection, and Townsquare Media Inc. lowered pricing on its term loan B and extended the call protection.

Furthermore, Nortek Inc. and Top Right Group (Eden Bidco Ltd.) disclosed price talk with launch, timing and structure surfaced on Concordia Healthcare Corp.’s proposed credit facility, and Advantage Sales & Marketing LLC and Monitronics International Inc. joined this week’s new deal calendar.

Walgreens Infusion Services’ credit facility made its way into the secondary market on Wednesday, with the $415 million seven-year term loan B quoted at par ¼ bid, 101 offered, according to a trader.

Pricing on the term loan is Libor plus 500 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99½. The debt has a step-down to Libor plus 475 bps at 3.5 times first-lien leverage and 101 soft call protection for one year.

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