Higginbotham frees to trade; Azelis restructures; Truck Hero withdraws loan from primary

By Sara Rosenberg

New York, Nov. 25 – Higginbotham increased the size of its privately placed second-lien term loan and then allocated its credit facility on Wednesday, with the first-lien term loan breaking for trading above its original issue discount.

The first-lien term loan was quoted at 99½ bid, a source said.

Also in the loan market, Azelis Group carved out a euro term loan from its U.S. first-lien term loan and modified spread and original issue discount on the U.S. tranche.

Azelis downsized its $460 million seven-year first-lien covenant-light term loan (B+) to $325 million, raised pricing to Libor plus 550 bps from talk of Libor plus 450 bps to 475 bps and changed the original issue discount to 98 from 99, according to a market source.

Furthermore, Truck Hero Inc. decided to pull its refinancing term loan B from market as a result of poor primary conditions, and Konecranes Terex plc surfaced with timing on the launch of its U.S. and euro term loan B.

Konecranes Terex plans to hold a bank meeting in New York at 12:30 p.m. ET on Monday and a bank meeting in Europe at 12:30 p.m. GMT on Tuesday to launch its previously announced $900 million-equivalent U.S. dollar and euro seven-year term loan B, according to a market source.

The euro piece of the term loan B can be sized at up to €400 million, the source said.

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