Norwegian Cruise Line breaks above OID; AMAG Pharmaceuticals, Essar changes surface

By Sara Rosenberg

New York, Nov. 6 – Norwegian Cruise Line Holdings Ltd.’s credit facility emerged in the secondary market on Thursday with the term loan B seen trading above its original issue discount price.

Over in the primary, AMAG Pharmaceuticals Inc. raised pricing on its term loan B, modified the call protection and beefed up amortization, and Essar Steel Algoma Inc. increased the size of its term loan B, lifted pricing for a second time and modified the call protection.

Also, Tibco Software Inc., Mueller Water Products Inc., Creganna-Tactx Medical and Parq Resort & Casino (Parq Ltd. Holdings Partnership) disclosed talk with launch, and Multi Packaging Solutions Inc./Chesapeake MPS Merger Ltd. revealed original issue discount guidance on its incremental term loan.

Norwegian Cruise Line’s credit facility began trading on Thursday, with the $350 million seven-year term loan B quoted at par bid, par ¾ offered, according to a trader.

Pricing on the term loan B is Libor plus 325 basis points with a 0.75% Libor floor and it was sold at an original issue discount of 99½. There is 101 soft call protection for one year.

Recently, pricing on the term loan B was reduced from talk of Libor plus 350 bps to 375 bps, the discount was changed from 99 and the 12-month MFN sunset provision was eliminated.

The Miami-based cruise company’s new $1.05 billion in bank debt also includes a $700 million incremental term loan A priced at Libor plus 225 bps, which was upsized from $450 million during syndication.

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