Answers, Pike, Capstone Logistics break; AVG Technologies modifies deal; Graton withdrawn

By Sara Rosenberg

New York, Oct. 2 – Answers Corp.’s credit facility hit the secondary market on Friday with both the first- and second-lien term loans bid in line with their original issue discounts, and Pike Corp. and Capstone Logistics LLC began trading as well.

Over in the primary, AVG Technologies NV downsized its term loan, widened the spread and original issue discount talk and extended the call protection, and Graton Resort & Casino removed its credit facility from market.

Also, Sutherland Global Services Inc. disclosed price talk on its term loan B with launch and Kellermeyer Bergensons Services LLC emerged with new deal plans.

Answers’ credit facility freed up on Friday with the $320 million seven-year first-lien covenant-light term loan (B1/B) quoted at 96˝ bid, 97˝ offered and the $175 million eight-year second-lien covenant-light term loan (Caa2/CCC+) quoted at 95˝ bid, 96˝ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 525 basis points with a 1% Libor floor and it was sold at an original issue discount of 96˝. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 900 bps with a 1% Libor floor and it was issued at 95˝. This debt has call protection of 103 in year one, 102 in year two and 101 in year three.

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