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WireCo rises with planned refinancing; Bombardier breaks; MTS revised; NAPA comes to market
By Sara Rosenberg
New York, June 27 – WireCo WorldGroup’s term loan headed higher in the secondary market on Monday after the company announced an investment by Onex Corp. and an expected refinancing of its capital structure, and Bombardier Recreational Products Inc.’s term loan B freed up for trading.
WireCo’s term loan was quoted at 99 bid, par offered, up from 98¼ bid, 99¼ offered last week, the source said.
Bombardier Recreational Products’ $700 million amended and restated term loan B (Ba3/BB) due June 30, 2023 had levels quoted at 99 bid, 99½ offered, a trader said.
Moving to the primary market, MTS Systems Corp. firmed the spread on its term loan B at the wide end of talk and extended the call protection, and NAPA Management Services Corp. (NMSC Holdings Inc.) approached lenders with an add-on term loan B.
MTS Systems finalized pricing on its $460 million seven-year covenant-light term loan B at Libor plus 425 bps, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.
NAPA Management Services emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $13 million add-on covenant-light term loan B due April 19, 2023, a market source said.
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