Institutional Shareholder frees up; Terex revised; Tallgrass, Quorum Business accelerated

By Sara Rosenberg

New York, March 4 – Institutional Shareholder Services Inc. shifted some funds between its first- and second-lien term loans, and then the first-lien debt made its way into the secondary market on Monday, with levels quoted above its original issue discount.

Institutional Shareholder’s first-lien term loan had levels quoted at 99¼ bid, a source said.

In more happenings, Terex Corp. lowered the spread on its incremental first-lien term loan B-1 and tightened the issue price, and Tallgrass Energy LP and Quorum Business Solutions (QBS Parent Inc.) moved up the commitment deadlines on their term loans.

Furthermore, Power Solutions (Panther BF Aggregator 2 LP) disclosed price talk on its term loans with its New York bank meeting, and TruGreen LP and Nine West joined this week’s primary calendar.

TruGreen scheduled a lender call for 1 p.m. ET on Tuesday to launch a $965 million seven-year first-lien term loan B (B1) talked at Libor plus 400 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Nine West set a lender call for 10 a.m. ET on Tuesday to launch a $325 million first-lien term loan, a market source said. Goldman Sachs Bank USA is leading the deal that will be used to fund the company’s emergence from bankruptcy.

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