Zayo, Electric Lightwave react to acquisition news; Valeant weakens; Save-A-Lot tweaks deal

By Sara Rosenberg

New York, Nov. 30 – Zayo Group Holdings Inc.’s term loan B was bid lower in the secondary market on Wednesday following an announcement by the company that it intends to take on additional debt to fund the acquisition of Electric Lightwave, but Electric Lightwave’s first-lien term loan was higher on the news.

Zayo Group’s term loan B was quoted at 100 3/8 bid, 100 7/8 offered, versus 100˝ bid, 100 7/8 offered previously, a trader said.

Electric Lightwave’s first-lien term loan showed the opposite response, with levels moving up to par bid, 100˝ offered from 99 bid, par offered, the trader said.

The company’s second-lien term loan was quoted at 101 bid, 101˝ offered, the trader added.

In more trading happenings, Valeant Pharmaceuticals International Inc.’s term loans dropped with chatter that the company’s discussions to sell its Salix Pharmaceuticals business may have come to an end.

Meanwhile, in the primary market, Save-A-Lot set the spread on its term loan B at the high end of guidance, widened the original issue discount and extended the call protection.

Also, Lightstone Generation LLC, American Airlines Inc., Axalta Coating Systems, Oberthur Technologies Group SAS, Aptean Inc., Cinemark USA Inc., Eastern Power LLC (TPF II Power LLC) and Quikrete Co. released price talk with launch.

Furthermore, GlobalLogic, E.W. Scripps Co. and MKS Instruments Inc. joined this week’s new issue calendar.

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