Air Medical, Penn Engineering free up; UFC revises deal; primary calendar continues to build

By Sara Rosenberg

New York, Aug. 2 – Air Medical Group Holdings Inc. increased the size of its term loan B-1, firmed pricing at the low end of talk and modified the original issue discount, and then the debt made its way into the secondary market on Tuesday, and Penn Engineering & Manufacturing Corp.’s tack-on loan broke as well.

Air Medical raised its senior secured incremental first-lien covenant-light term loan B-1 due April 28, 2022 to $190 million from $175 million, finalized pricing at Libor plus 400 basis points, the tight end of the Libor plus 400 bps to 425 bps talk, and changed the original issue discount to 98.5 from 98, a market source said.

The loan was later quoted at 99 bid, 99½ offered, a trader added.

Penn Engineering & Manufacturing’s fungible $100 million U.S. dollar tack-on first-lien term loan due August 2021 began trading too, with levels seen at par bid, 100½ offered, a source remarked.

In more happenings, UFC Holdings LLC upsized its first-lien term loan, downsized its second-lien term loan and tightened spreads and issue prices on both tranches, and Hilton Worldwide Finance LLC, Omnova Solutions Inc., California Pizza Kitchen Inc. and Beaver-Visitec (TPG Bedrock Acquisition Inc.) released price talk on their loan deals.

Furthermore, CDW Corp., Headwaters Inc., Ascend Performance Materials LLC, WaveDivision Holdings LLC, Oasis Outsourcing Holdings Inc. and Science Applications International Corp. joined this week’s new issue calendar.

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