Springer rises on merger news; Westmoreland tweaks deal; Charter NEX, PODS, Orica set talk

By Sara Rosenberg

New York, Jan. 15 – Springer Science + Business Media saw its term loan B-3 head higher in trading during Thursday’s market hours following news that the company is being merged with Macmillan Science and Education.

Over in the primary, Westmoreland Coal Co. increased the size of its add-on term loan, Charter NEX US Holdings Inc., PODS LLC and Orica Chemicals (Chemstralia Pty Ltd.) set talk with launch, and Curo Health Services revealed timing on the launch of its credit facility.

Springer Science + Business Media’s term loan B-3 strengthened in the secondary on Thursday after it was announced that the BC Partners-owned company is being combined with Holtzbrinck Publishing Group-owned Macmillan Science and Education, according to traders.

The term loan B-3 was quoted by one trader at 98¾ bid, 99½ offered, up from 98 bid, 98½ offered, and by a second trader at 98½ bid, par offered, up from 98 bid, 98½ offered.

At closing, the merged company will be under joint control of Holtzbrinck and BC Partners with Holtzbrinck retaining a 53% share.

Closing is expected in the first half of this year, subject to approval by various competition authorities.

Moving to the primary market, Westmoreland Coal lifted the size of its add-on senior secured term loan to $75 million from $50 million, according to a source.

Commitments are due on Wednesday, the source said.

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