Valeant Pharmaceuticals, Lions Gate Entertainment, Ferrara Candy break; Fortescue weakens

By Sara Rosenberg

New York, March 13 – Valeant Pharmaceuticals International Inc.’s new term loans surfaced in the secondary market on Friday, with the term F borrowings quoted above par, and Lions Gate Entertainment Corp. and Ferrara Candy Co. began trading as well.

In more trading happenings, Fortescue Resources’ term loan was softer as commitments for the term loan extension were due.

Switching to the primary market, Townsquare Media Inc. revealed timing and structure on its proposed credit facility, and ViaWest disclosed price talk on its in market term loan B.

Valeant Pharmaceuticals’ term debt broke for trading on Friday, with the strip of $2.35 billion seven-year senior secured first-lien term loan F-1 and $1.8 billion seven-year senior secured first-lien delayed-draw term loan F-2 debt quoted at par 1/8 bid, par 3/8 offered, according to a trader.

Pricing on the F-1 and F-2 loans is Libor plus 325 basis points with a step-down to Libor plus 300 bps at 1.75 times net senior secured leverage and a 0.75% Libor floor. The debt was issued at an original issue discount of 99˝, and has 101 soft call protection for six months as well as a ticking fee of the spread plus the floor starting 30 days from allocations.

Recently, the total amount of term F debt was reduced to $4.15 billion from $4.55 billion.

Along with the term F loans, the company is getting a $1 billion incremental five-year term loan A.

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