Horizon lower with acquisition issues; Ascend falls; Wencor gains; Cvent accelerated

By Sara Rosenberg

New York, May 16 – In the secondary market on Tuesday, Horizon Therapeutics plc’s term loans softened with news that the Federal Trade Commission filed a lawsuit to block the acquisition of the company by Amgen Inc.

Horizon Therapeutics’ term loans were a bit weaker in trading on Tuesday as the Federal Trade Commission announced it filed a lawsuit in federal court to block the $27.8 billion purchase of the company by Amgen, according to a market source.

The company’s term loan B-1 was quoted at 99¼ bid, 99¾ offered, down from 99 7/8 bid, par 1/8 offered on Monday. The term loan B-2 was quoted at 99 1/8 bid, 99 5/8 offered in the morning, but then regained some ground as it moved to 99½ bid, 99 7/8 offered by late day; however, it was still down from Monday’s levels of 99 7/8 bid, par 1/16 offered, the source said.

Also, Ascend Performance Materials’ term loan was lower in trading following the release of earnings to lenders, and Wencor Group’s term loan was better on the back of news that the company is being acquired by Heico Corp.

Meanwhile, in the primary market, Cvent Holding Corp. (Capstone Borrower Inc.) moved up the commitment deadline for its first-lien senior secured covenant-lite term loan B, and Solenis released price talk on its incremental term loan B in connection with its lender call.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.