Patterson Medical, MWI, Headwaters break; Fortescue rises with paydown; WEX sets changes

By Sara Rosenberg

New York, June 23 – Patterson Medical set the spread on its incremental term loan B at the high end of revised guidance and widened the original issue discount, and MW Industries (MWI Holdings Inc.) finalized pricing on its first-lien term loan at the wide end of talk and tightened the issue price on its second-lien term loan, and then both deals broke for trading on Thursday.

Patterson Medical’s term loan B had levels quoted at 98¼ bid, a source remarked.

MW Industries’ first-lien term loan broke for trading at 99¼ bid, 100¼ offered, and the second-lien term loan broke at 98 bid, par offered, a source said.

Also in the secondary market, Headwaters Inc.’s repriced term loan B freed to trade above its issue price, and Fortescue Metals Group’s term loan strengthened on partial repayment news.

Headwaters’ repriced $422 million term loan B had levels quoted at 100 1/8 bid, 100 3/8 offered, according to a trader.

Fortescue Metals’ term loan was quoted by one trader at 94½ bid, 95½ offered, up from 92½ bid, 93½ offered, and by a second trader at 94¾ bid, 95¼ offered, up from 92¾ bid, 93½ offered.

Back in the primary market, WEX Inc. lowered pricing on its term loan B, adjusted the step-down and extended the call protection, Give & Go Prepared Foods Corp. released price talk with launch, and Douglas Dynamics Inc. set a launch date for its incremental term loan.

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