Alere dips on subpoena news; UPC, Coveris deal changes emerge; UFC accelerates deadline

By Sara Rosenberg

New York, July 28 – Alere Inc.’s term loan retreated in trading on Thursday on the back of news that the company received a subpoena from the U.S. Department of Justice regarding Medicare, Medicaid and Tricare billings.

One trader had the term loan quoted at 98¼ bid, 99 offered, down from 99 5/8 bid, 100 1/8 offered and another trader had the loan at 98¼ bid, 98¾ offered, down from 99 5/8 bid, par offered.

Switching to the primary market, UPC Financing Partnership upsized its term loan AN and firmed the original issue discount at the tight end of guidance, Coveris Holdings SA trimmed the spread on its add-on term loan and tightened the issue price, and UFC Holdings LLC accelerated the commitment deadline on its term loans.

UPC raised its term loan to $2.15 billion from $825 million and set the original issue discount at 99.5.

Coveris reduced pricing on its $350 million-equivalent dollar and euro add-on term loan to Libor/Euribor plus 350 bps from Libor/Euribor plus 375 bps and changed the original issue discount to 99.51 from talk of 99 to 99.5, according to a market source.

Also, Polyconcept, CAMP International Holding Co., MRP Generation Holdings LLC (Middle River Power), PolyOne Corp. and ION Trading Finance Ltd. released price talk with launch, On Assignment Inc. brought back its repricing transaction, and Bay Club, Albaugh Inc. and California Pizza Kitchen Inc. surfaced with new deal plans.

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