CRGT tack-on loan breaks; Navistar retreats; PetroChoice tweaks first-lien issue price

By Sara Rosenberg

New York, Sept. 2 – CRGT Inc.’s tack-on first-lien term loan made its way into the secondary market on Wednesday wrapped around its original issue discount, and Navistar International Corp.’s term loan weakened as the company disclosed a potential enforcement action by the Securities and Exchange Commission.

In more happenings, PetroChoice Holdings Inc. came out with a modified original issue discount on its first-lien term loan, and Idera Inc. surfaced with plans to come to market around mid-September with a new credit facility.

CRGT’s $80 million tack-on first-lien term loan due Dec. 19, 2020 began trading, with levels quoted at 99½ bid, 100½ offered, a trader remarked.

Also in trading, Navistar’s term loan fell to 98 bid, 98¾ offered from 99 bid, 99½ offered as news emerged that the company has received “Wells Notices” from the Securities and Exchange Commission regarding various accounting and disclosure issues, a trader said.

Over in the primary, PetroChoice changed the original issue discount on its $235 million seven-year covenant-light first-lien term loan (B1/B+) to 97.5 from revised talk of 98.5 and initial talk of 99, a market source said.

Idera is planning on holding a bank meeting during the week of Sept. 14 to launch a $425 million credit facility, according to a market source.

The facility consists of a $25 million revolver, a $300 million first-lien term loan and a $100 million second-lien term loan, the source remarked.

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