Ocwen breaks; FairPoint inches up on acquisition news; Nord Anglia, BWAY updates emerge

By Sara Rosenberg

New York, Dec. 5 – Ocwen Financial Corp.’s term loan hit the secondary market on Monday above its original issue discount, and FairPoint Communications Inc.’s term loan was higher with news that the company is being acquired by Consolidated Communications Holdings Inc.

Moving to the primary market, Nord Anglia Education Inc. changed the spread and issue price on its term loan repricing transaction, and BWAY Holding Co. finalized pricing on its term loan B extension and repricing at the tight end of guidance.

Also, Prime Security Services Borrower LLC (ADT Corp.) and PSAV (AVSC Holding Corp.) released price talk with launch, EFS Cogen Holdings I LLC (Linden Cogeneration Power Complex) came to market with a repricing, and Asurion LLC launched a new loan.

In addition, Information Resources Inc., DigitalGlobe Inc., Vistra Operations Co. LLC, NFP Corp., Atkore International Inc. and Minimax Viking joined this week’s new issue calendar.

Ocwen Financial’s $335 million four-year term loan B (B2/BB-/B-) began trading on Monday, with levels quoted at 98½ bid, 99½ offered on the break and then it moved up to 99 3/8 bid, par 3/8 offered, according to a trader. Then, by late afternoon, a second trader was seeing the loan at par ½ bid, par 7/8 offered.

Pricing on the term loan B is Libor plus 500 basis points with a 1% Libor floor, and it was sold at an original issue discount of 98. The debt has 101 soft call protection for six months.

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