Valeant regains some ground; PetSmart slides with dividend payment; GCA Services rises

By Sara Rosenberg

New York, Feb. 23 – Valeant Pharmaceuticals International Inc.’s term loan F partially rebounded in trading on Tuesday from losses suffered late in the previous session that stemmed from news of potential financial misstatements.

Valeant Pharmaceuticals’ term loan F moved to 94½ bid, 95½ offered on Tuesday after dropping as low as 91¾ bid, 92¾ offered late Monday, according to a trader.

Prior to the news, on Monday, the loan was quoted at 95¼ bid, 96¼ offered, the trader added.

Also in the secondary market, PetSmart Inc.’s term loan was softer in reaction to chatter of a cash dividend payment, and GCA Services Group Inc.’s first-lien term loan strengthened from its recent breaking levels.

PetSmart’s term loan was quoted at 96 bid, 97 offered, down from 96¾ bid, 97¾ offered, a trader said.

GCA Services Group’s $515 million seven-year covenant-light first-lien term loan (B1/B) was seen at 99¼ bid, 100¼ offered in the morning after freeing up for trading late in the previous session at 98½ bid, 99½ offered, a trader remarked.

Meanwhile, in the primary market, Caliber Collision increased pricing on its add-on term loan, upsized its delayed-draw term loan and downsized its revolver, National Veterinary Associates (NVA Holdings Inc.) raised the size of its incremental term loan and set the original issue discount at the tight end of guidance, and Armstrong World Industries Inc. disclosed price talk on its term loan B with launch.

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