Granite Energy, InnovaCare free to trade; Houghton Mifflin size, price guidance surface

By Sara Rosenberg

New York, Nov. 1 – Granite Energy LLC’s $1.4 billion seven-year first-lien term loan B began trading on Friday, with levels quoted at 99¼ bid, 99¾ offered.

Pricing on the term loan B is Libor plus 375 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

During syndication, the spread on the term loan B firmed at the high end of the Libor plus 350 bps to 375 bps talk, the Libor floor was increased from 0% and revisions were made to documentation.

InnovaCare’s (MMM Holdings LLC) $550 million seven-year covenant-lite first-lien term loan broke too, with levels quoted at 96 bid, 97 offered.

Pricing on the term loan is Libor plus 575 bps with a 1% Libor floor and it was sold at an original issue discount of 96. The debt has 101 soft call protection for one year.

Over in the primary market, Houghton Mifflin Harcourt Publishers Inc. came out with details on a proposed term loan B in connection with its lender call.

Also, eResearchTechnology Inc., Terrapure Environmental (Terra Bidco B.C. Ltd.) and Polyconcept joined the near-term primary calendar.

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