Idera, Foundation Building deal changes emerge; MedImpact reveals loan pricing guidance

By Sara Rosenberg

New York, Sept. 30 – Idera Inc. on Wednesday increased pricing on its first- and second-lien term loans, widened original issue discounts, sweetened call premiums and shortened maturities, and Foundation Building Materials LLC revised spread, issue price and call protection on its first-lien term loan.

Idera lifted pricing on its $300 million first-lien term loan (B2/B) to Libor plus 550 basis points from talk of Libor plus 475 bps to 500 bps, moved the original issue discount to 98 from 99, extended the 101 soft call protection to one year from six months and shortened the maturity to six years from seven years, according to a market source.

Regarding the $100 million second-lien term loan (Caa2/CCC+), pricing was increased to Libor plus 950 bps from talk of Libor plus 875 bps to 900 bps, the discount was changed to 97 from 98.5, the call protection was revised to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two and the maturity was shortened to seven years from 7.5 years, the source remarked.

Also in the primary market, MedImpact released price talk on its term loan with launch, and details on Affordable Care Inc. timing and structure surfaced.

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