Platform Specialty, Arysta move around with acquisition news; Crown Holdings breaks atop OID

By Sara Rosenberg

New York, Oct. 20 – Platform Specialty Products Corp.’s term loan debt was softer in trading on Monday after the company announced that it is purchasing Arysta LifeScience Ltd., but Arysta’s first-lien term was stronger on the news.

In more secondary happenings, Crown Holdings Inc. (Crown Americas LLC) saw its term loan break with levels quoted above its original issue discount.

Moving to the primary market, AMAG Pharmaceuticals Inc. released timing on the launch of its term loan.

Platform Specialty’s first-lien term loan and add-on term loan both dropped in the secondary market on Monday to 97 bid, 98 offered from 97¼ bid, 98¼ offered as the company said that is buying Arysta LifeScience, a Tokyo-based provider of crop services, and that funds for the transaction are expected to come from a combination of debt, convertible equity, equity and cash, according to a trader.

Meanwhile, Arysta’s first-lien term loan rose to 99¾ bid, par ¼ offered from 99¼ bid, 99¾ offered with the announcement, another trader said.

The debt commitment for the roughly $3.51 billion purchase of Arysta from the Permira funds consists of $1.6 billion of first-lien incremental term loans and $750 million of senior unsecured bridge loans, but the company revealed in an 8-K with the SEC that it may seek a number of alternative financings in lieu of or in combination with the debt commitment.

© 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.