Ascend Performance, Hyperion Materials & Technologies term loans free to trade

By Sara Rosenberg

New York, Aug. 16 – Ascend Performance Materials’ term loan B made its way into the secondary market on Friday and was seen trading above its original issue discount.

Also, Hyperion Materials & Technologies modified original issue discounts and Libor floors on its first- and second-lien term loans, and then the debt freed up as well.

Ascend Performance Materials’ $1.1 billion seven-year covenant-lite term loan B (B1/BB-) broke for trading on Friday, with levels quoted at 98¾ bid, 99½ offered, according to a market source.

Pricing on the term loan is Libor plus 525 basis points with a 1% Libor floor, and it was sold at an original issue discount of 98. The debt has 101 soft call protection for one year.

Meanwhile, Hyperion Materials changed the original issue discount on its $240 million seven-year first-lien term loan to 98 from 99 and the discount on its $100 million eight-year second-lien term loan to 97 from 98, a market source remarked.

Additionally, the Libor floor on both term loans was revised to 1% from 0%.

During the session, the bank debt began trading, with the first-lien term loan quoted at 98 bid, 99 offered and the second-lien term loan quoted at 97 bid, 98 offered, the source added.

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