Terrapure Environmental, Element Solutions free to trade; STV Group flexes higher

By Sara Rosenberg

New York, Nov. 25 – Terrapure Environmental Ltd.’s first-lien term loan made its way into the secondary market on Monday and was trading above its original issue discount, and Element Solutions Inc.’s term loan B broke as well.

Specifically, Terrapure’s $465 million seven-year first-lien term loan began trading with levels quoted at 99½ bid, par ¼ offered.

Pricing on the first-lien term loan is Libor plus 500 basis points with a 0% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months and a ticking fee of half the spread from days 31 to 60, the full spread from days 61 to 90 and the full spread plus Libor onwards.

Element Solutions’ $744.4 million first-lien term loan B (Ba2/BB) due Jan. 31, 2026 freed to trade with levels seen at par bid, par 3/8 offered.

Pricing on the term loan B is Libor plus 200 bps with a 0% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

Meanwhile, in the primary market, STV Group widened the spread on its term loan and Cox Media Group joined the near-term new issue calendar.

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