Emerald Expo breaks; Drillships, National Financial, Emerald Performance, Meritas revised

By Sara Rosenberg

New York, July 17 – Emerald Expositions Holding Inc.’s term loan emerged in the secondary market on Thursday with levels quoted above its issue price.

Over in the primary, Drillships Ocean Ventures Inc. (Ocean Rig) raised the size of its term loan B as plans for a bond offering were eliminated and reduced the spread on the debt, and National Financial Partners Corp. revised the offer price on its term loan.

Also, Emerald Performance Materials LLC upsized its first-lien term loan, firmed the spread on its first- and second-lien debt at the low end of guidance and adjusted the original issue discount on its second-lien tranche.

In addition, Meritas School Holdings LLC set the spread on its second-lien term loan at the low end of talk and tightened the Libor floor and original issue discount, and Boulder Brands Inc. upsized its term loan and moved up the commitment deadline.

Furthermore, Houston Fuel Oil Terminal Co., Formula One Group (Delta 2 (Lux) Sarl) and U.S. Shipping Corp. disclosed price talk with launch, and Expro Oilfield Services plc, Goodpack Ltd. (IBC Capital) and MSX International surfaced with new deal plans.

Emerald Expositions’ $600 million covenant-light term loan B due June 17, 2020 began trading on Thursday with levels seen at par 1/8 bid, par 5/8 offered, according to a trader.

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