Tessera, BroadStreet, DTZ, Cardenas Markets break; Concordia drops with earnings news

By Sara Rosenberg

New York, Nov. 7 – Tessera Technologies Inc.’s term loan B freed up for trading on Monday after seeing spread and original issue discount finalize at the wide end of talk, the addition of a leverage-based step-down and the extension of the call protection.

BroadStreet Partners Inc. firmed pricing on its term loan at the low end of talk and sweetened the call premium, and DTZ (Cushman & Wakefield) reduced the size of its add-on first-lien term loan and updated the original issue discount for a second time, and then these deals emerged in the secondary market too.

Also on the trading front, Cardenas Markets’ credit facility broke, and Concordia International Corp.’s term loan weakened by a few points with the release of third quarter numbers and the suspension of guidance.

Sage Automotive Holdings Inc.’s $310 million six-year first-lien term loan (B2/B) was quoted at 99 bid, par offered during the session, in line with where it broke for trading on Friday, a market source said.

Back in the primary market, Western Generation Partners (WGP Acquisition LLC) lowered the spread on its term loan B, and Netsmart Technologies Inc. raised pricing on its incremental term loan and repricing.

In addition, Cheddar’s Casual Cafe Inc., NXT Capital Inc. and RevSpring released price talk with launch, and EVO Payments International, Learfield Communications Inc. and Kepro emerged with new deal plans.

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