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Dynegy, Cengage fall on earnings; Quikrete, Dayton Superior, Chromaflo changes surface
By Sara Rosenberg
New York, Nov. 2 – Dynegy Inc.’s term loans headed lower in the secondary market on Wednesday on the back of the company’s release of third quarter results that showed a year-over-year decline in net income and revenues, and Cengage Learning Inc.’s term loan softened with its earnings announcement.
Dynegy’s term loan B was quoted at 99¼ bid, par offered and the term loan C was quoted at 99 bid, 99½ offered, both down from par bid, 100½ offered, a trader said.
Cengage’s term loan fell to 95¾ bid, 97¼ offered from 96½ bid, 98 offered, a trader said.
Switching to the primary market, Quikrete Co. increased the size of its term loan B, reduced the Libor floor and tightened the issue price, and Dayton Superior Corp. downsized its term loan B, lifted pricing and sweetened the call protection.
Additionally, Chromaflo Technologies LLC set spreads on its first- and second-lien term loans at the low end of guidance and modified original issue discount talk on the tranches, and Tessera Technologies Inc. accelerated the commitment deadline on its term loan B.
Furthermore, ProAmpac, HealthSun, Culligan Holding Inc., AssuredPartners Inc., Terra Millennium Corp. and WME IMG disclosed price talk on their new loan transactions with launch, and Envision Healthcare Corp., RevSpring, Inmar and Lightower Fiber Networks joined the near-term primary calendar.
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