National Mentor loan breaks; Getty Images nosedives; Sabre Industries changes surface

By Sara Rosenberg

New York, Feb. 24 – National Mentor Holdings Inc. (Civitas Solutions Inc.) saw its incremental term loan B free up for trading during Tuesday’s market hours with levels quoted above its original issue discount, and Getty Images Inc. experienced plummeting levels on its term loan with earnings news.

Switching to the primary market, Sabre Industries Inc. lowered pricing on its term loan, and Research Now Group Inc. came out with first- and second-lien loan price talk with launch.

National Mentor’s fungible $55 million incremental term loan B due Jan. 31, 2021 allocated and began trading on Tuesday with levels seen at 99¼ bid, par ¼ offered, according to a market source.

The incremental loan is priced at Libor plus 325 basis points with a 1% Libor floor, which matches pricing on the company’s existing $595.5 million term loan B due Jan. 31, 2021, and all of the debt is getting 101 soft call protection for six months. The new debt was issued at a discount of 99 after tightening the other day from talk in the 98¾ area.

Barclays, Bank of America Merrill Lynch and UBS AG are leading the deal that will be used to redeem 12½% senior notes.

Also in the secondary market, Getty Images’ term loan saw a dramatic decline with the release to lenders of quarterly results, traders said.

One trader had the term loan quoted at 86 bid, 87½ offered, down from 91¼ bid, 92¼ offered.

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