Broadcom breaks; Avast Software, Penn Engineering, Vantage set changes; Milk moves deadline

By Sara Rosenberg

New York, Aug. 1 – Broadcom Ltd.’s new bank debt made its way into the secondary market on Monday morning, with the term loan B-3 quoted above its issue price.

Broadcom’s $6,595,000,000 term loan B-3 due Feb. 1, 2023 was quoted at 100¼ bid, 100½ offered, according to a trader.

Micro Focus International plc’s repriced $1,109,100,000 senior secured term loan B due November 2021 was quoted at 100 1/8 bid, 100½ offered, in line with where it freed up for trading on Friday, a trader remarked.

Moving to the primary market, Avast Software upsized its U.S. dollar and euro term loan, set tranche sizes, reduced spreads and tightened the original issue discount, and Penn Engineering & Manufacturing Corp. revised the issue price on its tack-on term loan.

Also, Vantage Specialty Chemicals modified the original issue discount on its add-on first-lien term loan and sweetened the amendment fee offered to existing lenders, Milk Specialties Global moved up the commitment deadline on its credit facility, and inVentiv Health Inc. cancelled its planned bank meeting and announced an agreement for a new equity investment by Advent International.

Furthermore, The Bay Club, HCA Inc. and Grosvenor Capital Management Holdings LLLP released price talk with launch, California Resources Corp. approached lenders with a loan transaction, and Hilton Worldwide Finance LLC, Bowlmor AMF (AMF Bowling Center Inc.) and Aclara Technologies LLC emerged with new deal plans.

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