MedAssets, GCP Applied Technologies, SterlingBackcheck free to trade following deal updates

By Sara Rosenberg

New York, Jan. 22 – MedAssets Inc. finalized the spread on its first-lien term loan at the tight end of guidance, and then the company’s first- and second-lien loan tranches broke for trading on Friday afternoon above their original issue discounts.

MedAssets set pricing on its $1.13 billion 6.5-year first-lien covenant-light term loan (B2/B) at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, according to a market source.

With final terms in place, the debt made its way into the secondary market on Friday, with the first-lien term loan quoted at 99¼ bid, par offered and the company’s second-lien term loan quoted at 98 bid, 99½ offered, a trader said.

In more happenings, GCP Applied Technologies Inc. came out with modifications to covenants and reworked some technical items on its term loan B, and then it too saw its loan surface in the secondary market.

GCP Applied Technologies’ term loan B’s levels were seen at 99¾ bid, 100¾ offered, a trader added.

And, SterlingBackcheck’s add-on first-lien term loan also freed up for trading during the session, but only after undergoing a downsizing and seeing the spread and original issue discount widen from initial talk.

SterlingBackcheck’s $110 million add-on first-lien term loan was quoted at 98¼ bid, 99¼ offered, a trader remarked.

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