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Valeant dips in trading as CEO summoned to testify; Precyse, NAPA Management on deck
By Sara Rosenberg
New York, March 28 – Valeant Pharmaceuticals International Inc.’s term loan F experienced some weakening in the secondary market on Monday with chatter that the company’s chief executive officer has been subpoenaed to testify at an upcoming Senate hearing.
Valeant Pharmaceuticals’ term loan F was quoted at 93¼ bid, 94 offered, down from 93½ bid, 94¼ offered, a trader said.
Meanwhile, in the primary market, Precyse Acquisition Corp. and NAPA Management Services Corp. (NMSC Holdings Inc.) joined this week’s new issue calendar.
Precyse Acquisition set a bank meeting in New York for Wednesday to launch a $700 million credit facility, according to a market source.
The facility consists of a $50 million five-year revolver, a $460 million 6.5-year first-lien term loan and a $190 million seven-year second-lien term loan, the source said.
Barclays, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and Jefferies Finance LLC are leading the deal.
NAPA Management Services emerged with plans to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $320 million covenant-light term loan B, a market source remarked.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets and BMO Capital Markets are leading the loan that will be used to help fund the buyout of the company by American Securities LLC.
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