Compuware, RentPath, Royalty Pharma, Sage Products, Distribution International break

By Sara Rosenberg

New York, Dec. 11 – Compuware Corp.’s credit facility emerged in the secondary market during Thursday’s session, as did deals from RentPath Inc., Royalty Pharma, Sage Products Holdings III LLC and Distribution International Inc.

Moving to the primary market, Accuvant widened price talk and the original issue discount on its first-lien term loan while also extending the call protection, and Douglas Dynamics Inc. reduced the spread on its term loan B.

In addition, Siemens Audiology Systems (Auris Luxembourg III Sarl) set pricing on its term loan B at the tight end of talk and revised the offer price on the euro piece, and Cengage Learning Acquisitions Inc. added an amendment fee to its transaction.

Compuware’s credit facility broke for trading on Thursday with the $340 million five-year first-lien covenant-light term loan B-1 quoted at 98¼ bid, 98¾ offered, the $950 million seven-year first-lien covenant-light term loan B-2 quoted at 95¼ bid, 95¾ offered, the $145 million one-year asset sale covenant-light bridge loan quoted at 99½ bid, and the $460 million eight-year second-lien covenant-light term loan quoted at 92¼ bid, 92¾ offered, according to a trader.

Pricing on the term loan B-1, term loan B-2 and asset sale loan is Libor plus 525 basis points with a 1% Libor floor, and pricing on the second-lien term loan is Libor plus 825 bps with a 1% Libor floor. The term loan B-1 was issued at a discount of 98, the B-2 loan was issued at 95, the asset sale loan was issued at 99½ and the second-lien term loan was issued at 92.

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