Mallinckrodt, Formula One, Sterigenics, Onsite, Ferro, CSM Bakery, Osum Production break

By Sara Rosenberg

New York, July 30 – Mallinckrodt International Finance SA firmed pricing on its term loan at the low end of talk and then freed up for trading on Wednesday, and Formula One Group (Delta 2 (Lux) Sarl), Sterigenics International LLC (STHI Holding Corp.), Onsite Rental Group, Ferro Corp., CSM Bakery Solutions LLC and Osum Production Corp. hit the secondary as well.

Moving to the primary, Houston Fuel Oil Terminal Co. set the spread on its term loan B at the low end of talk and tightened the original issue discount, CCM Merger Inc. (MotorCity Casino Hotel) lowered pricing on its term loan, widened the offer price and extended the call protection, and MD America Energy LLC revised the original issue discount on its second-lien term loan.

Also, Penn Engineering & Manufacturing Corp., Preferred Proppants (Preferred Sands LLC) and TransFirst Holdings Inc. released talk with launch, and Charter Communications Operating LLC, Cole-Parmer Instrument Co. (CPI Buyer LLC), Safe-Guard (SG Acquisition Inc.) and Constellation Brands Inc. joined this week’s calendar.

Mallinckrodt set the spread on its $700 million senior secured covenant-light term loan (Ba2/BB+) due March 19, 2021 at Libor plus 275 basis points, the tight end of the Libor plus 275 bps to 300 bps talk, and kept the 0.75% Libor floor, original issue discount of 99½ and 101 soft call protection for six months unchanged, according to market source.

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