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Berry Plastics, HealthPort hit secondary; Cablevision loan gains on acquisition announcement
By Sara Rosenberg
New York, Sept. 17 – Berry Plastics Corp. LLC and HealthPort Inc. (CT Technologies Intermediate Holdings and Smart Holdings Corp.) saw their term loans free up for trading during Thursday’s session, and Cablevision Systems Corp.’s term loan B headed higher with news that Altice NV will be acquiring the company.
Berry Plastics’ $2.1 billion first-lien term loan (Ba3/BB-) due in 2022 began trading on Thursday, with levels quoted at 99 5/8 bid, 99 7/8 offered, according to one market source. Then, by late afternoon, a second source was quoting the loan at par bid, 100¼ offered.
HealthPort’s $117 million incremental first-lien term loan due December 2021 broke as well, with levels seen at 99¾ bid, 100¼ offered, a trader said.
Also in trading, Cablevision’s term loan B strengthened after it was announced that the company is being bought by Altice, according to traders.
One trader had the B loan at 99¾ bid, 100¼ offered, up from 98 7/8 bid, 99 3/8 offered, and a second trader was quoting the loan at 99 5/8 bid, 100 1/8 offered, up from 98½ bid, 99¼ offered.
Meanwhile, in the primary market, Idera Inc., Apple Leisure Group, Integro Ltd. and Foundation Building Materials LLC all released price talk on their new loans deals with launch.
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