Bay Club, Inteva free to trade; Xplornet revises term loan; Mediware, Redbox set launches

By Sara Rosenberg

New York, Aug. 31 – The Bay Club’s credit facility made its way into the secondary market on Wednesday after undergoing pricing revisions during syndication, and Inteva Products LLC’s term loan broke as well.

Bay Club’s $350 million six-year first-lien term loan (B3) was quoted at 98 bid, 99 offered, and the $75 million one-year asset-sale bridge loan (Ba3) was quoted at 99 bid, par offered, according to a trader.

Inteva Products’ $180 million five-year term loan B (B+) was quoted at 99¾ bid, 100¾ offered, a source remarked.

Moving over to the primary market, Xplornet Communications Inc. modified the original issue discount on its term loan as a result of strong demand from investors.

Xplornet Communications changed the original issue discount on its $285 million five-year term loan (B1/B) to 99 from 98.5 and left pricing unchanged at Libor plus 600 bps with a 1% Libor floor, a market source said.

Additionally, Mediware Information Systems Inc. joined next week’s new issue calendar with a new credit facility that had been attempted but was then pulled in June, and Redbox Automated Retail LLC came out with timing on the launch of its credit facility.

Mediware set a lender call for Sept. 8 to launch a $330 million credit facility (B).

Redbox scheduled a bank meeting for Sept. 7 to launch its previously announced $440 million senior secured credit facility.

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