American Rock Salt, Protective Industrial break; Proofpoint accelerates loan deadline

By Sara Rosenberg

New York, June 4 – American Rock Salt Co. LLC’s first-lien term loan B made its way into the secondary market on Friday and was trading above its original issue discount, and Protective Industrial Products Inc.’s incremental term loan B freed up as well.

Meanwhile in the primary market, Proofpoint Inc. accelerated the commitment deadline for its first-lien term loan B, and Fairbanks Morse Defense and MaxLinear Inc. released price talk with launch.

Also, Quikrete Holdings Inc., Orbcomm Inc., Culligan (Osmosis Debt Merger Sub Inc.), ICON plc, Artera Services LLC and Hertz Corp. joined the near-term primary calendar.

American Rock Salt’s $485 million covenant-lite first-lien term loan B broke for trading on Friday, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 400 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

The company is also getting a $115 million privately placed second-lien term loan.

Protective Industrial Products’ fungible $135 million incremental term loan B surfaced in the secondary market too, with levels quoted at 99¾ bid, par ¼ offered, a market source said.

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