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PetVet, Sorenson, TruGreen, Ascensus free to trade; Power Solutions updates euro debt sizes
By Sara Rosenberg
New York, March 15 – PetVet Care Centers LLC finalized the original issue discount on its incremental first-lien term loan at the wide end of guidance before breaking for trading on Friday, and deals from Sorenson Communications LLC, TruGreen LP and Ascensus Inc. hit the secondary market as well.
PetVet’s incremental term loan was seen at 97 bid, 97½ offered, a source said.
Sorenson’s $700 million five-year covenant-lite first-lien term loan (B2/BB-) was quoted at 97 bid, 99 offered, a market source said.
TruGreen’s $965 million seven-year first-lien term loan B (B1/B) was seen at par bid, 100½ offered, according to a trader.
Ascensus’ fungible $94 million incremental first-lien term loan (B2/B-) due December 2022 also freed up, with levels quoted at 99¾ bid, 100¼ offered, a market source remarked.
In more happenings, Power Solutions (Panther BF Aggregator 2 LP) firmed up the size of its euro term loan B, and Ellie Mae Inc. and Hyperion Insurance Group Ltd. joined the near-term primary calendar.
Ellie Mae scheduled a bank meeting for 10 a.m. ET on Tuesday to launch $1.04 billion of first-lien credit facilities, according to a market source.
Hyperion set a lenders’ call for 10 a.m. ET on Monday to launch a $130 million incremental senior secured term loan B, a market source said.
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