Horizon Pharma up on possible buyout; Cubic slides with downgrades; Sebia finalizes terms

By Sara Rosenberg

New York, Nov. 30 – Horizon Pharma’s term loans gained some ground in the secondary market on Wednesday on news that its parent company is involved in preliminary discussions that could lead to a buyout offer, and Cubic Corp.’s term loan B and term loan C strip retreated on the back of ratings downgrades by Moody’s Investors Service.

Meanwhile, in the primary market, Sebia set the spread on its U.S. and euro term loans at the high end of guidance, firmed the original issue discount on the U.S. piece at the wide side of talk and finalized the discount on its euro tranche at the tight end of talk.

Also, Axalta Coating Systems Ltd. released price talk on its term loan B in connection with its lender call, and DexKo Global Inc. approached investors with a new first-lien term loan.

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