PSC Industrial, Parq hit secondary; RentPath revisions surface; C&J syndication on hold

By Sara Rosenberg

New York, Dec. 5 – PSC Industrial Services’ credit facility began trading on Friday morning with both the first- and the second-lien term loans quoted above their original issue discounts, and Parq Resort & Casino (Parq Ltd. Holdings Partnership) broke, too.

Moving to the primary, RentPath Inc. shifted some funds to its first-lien term loan from its second-lien term loan, increased spreads and sweetened call protection on both tranches and widened the offer price on the second-lien debt.

Also, C&J Energy Services Inc. withdrew its credit facility from syndication, and AmWINS Group Inc. surfaced with new deal plans.

PSC Industrial Services’ credit facility emerged in the secondary market on Friday with the $180 million six-year first-lien term loan (B1/B+) quoted at 99¼ bid, par ¼ offered and the $45 million seven-year second-lien term loan (Caa1/CCC+) quoted at 98½ bid, par ½ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 475 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. The spread firmed at the wide end of the Libor plus 450 bps to 475 bps talk and a step-down to Libor plus 450 bps was added when first-lien leverage is below 3.5 times, a source said. The loan includes 101 soft call protection for six months.

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