Blue Coat second-lien up on buyout news; Ineos, Headwaters, Surgical Care changes surface

By Sara Rosenberg

New York, March 10 – Blue Coat Systems Inc. saw the bid on its second-lien term loan rise in trading on Tuesday following news that the company is being acquired by Bain Capital.

Meanwhile, in the primary, Ineos Finance plc tightened pricing and original issue discount on its term debt and firmed up U.S. and euro tranche sizes, and Headwaters Inc. trimmed the spread, modified the offer price and moved up the commitment deadline on its term loan B.

Also, Surgical Care Affiliates Inc. lowered pricing on its term loan while also revising original issue discount guidance, Coyote Logistics LLC and Ferrara Candy Co. disclosed price talk with launch, and Walgreens Infusion Services joined this week’s calendar.

Blue Coat Systems’ second-lien term loan was bid at 102 in the secondary market on Tuesday, up from a 101 bid on Monday, according to a trader.

The bid rose after the company announced that it is being bought by Bain Capital from Thoma Bravo LLC in an all-cash transaction valued at about $2.4 billion.

The trader explained that the second-lien term loan will be taken out a premium of 102 due to call protection, which is why the bid moved up to that level.

The Sunnyvale, Calif.-based web security company’s first-lien term loan was quoted tightly wrapped around par, pretty much unchanged from prior levels of 99 7/8 bid, par 1/8 offered, the trader added.

To help fund the buyout, Blue Coat has obtained financing commitments from Jefferies Finance LLC.

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