PetSmart, Par Pharmaceutical break; Waste Industries, Veresen, BATS, Healogics tweak deals

By Sara Rosenberg

New York, Feb. 19 – PetSmart Inc.’s credit facility made its way into the secondary market on Thursday, and Par Pharmaceutical Cos. Inc. lowered pricing on its term loan B-3, finalized the original issue discount and then it too freed up for trading.

In more happenings, Waste Industries USA Inc. tightened the spread and offer price on its term loan B and extended the call protection, and Veresen Midstream LP reduced the size of its term loan B and modified the original issue discount

Also in the primary market, BATS Global Markets Inc. downsized its new term loan while widening the offer price and also upsized its add-on term loan, and Healogics Inc. adjusted the discount on its add-on term loan.

Furthermore, American Beacon Advisors Inc. and Axiall Corp. disclosed pricing guidance on their deals with launch, National Mentor Holdings Inc. (Civitas Solutions Inc.) released original issue discount talk, and Research Now Group Inc. joined the near-term calendar.

PetSmart’s credit facility began trading on Thursday, with the $4.3 billion seven-year senior secured covenant-light term loan B (Ba3/BB-) quoted at par ˝ bid, par 7/8 offered, according to a trader.

Pricing on the term loan is Libor plus 400 basis points with a 1% Libor floor and it was sold at an original issue discount of 99˝. There is 101 soft call protection for one year and, beginning on March 20, a ticking fee of the full spread plus the Libor floor.

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