Royal Oak, Ravago Holdings free to trade; U.S. Security revises commitment deadline

By Sara Rosenberg

New York, June 30 – Royal Oak Enterprises LLC’s credit facility emerged in the secondary market on Thursday, with the term loan B seen trading above its original issue discount, and Ravago Holdings America Inc.’s term loan broke too.

Royal Oak Enterprises’ $325 million covenant-light term loan B was quoted at 99 5/8 bid, 100 1/8 offered, a trader said.

Ravago’s $325 million term loan had levels quoted at 99˝ bid, par offered, according to a trader.

Also, in the secondary market, Internet Brands Inc.’s fungible $175 million incremental funded first-lien term loan due July 8, 2021 was seen at 99 1/8 bid, 99 5/8 offered during the session, in line with where it broke for trading on Wednesday, a trader remarked.

Moving to the primary market, U.S. Security Associates Inc. extended the commitment deadline on its credit facility, and Mediware Information Systems Inc. pulled its loan transaction from market.

U.S. Security Associates pushed out the commitment deadline on its $525 million senior secured credit facility (B2/B+) to 5 p.m. ET on July 6 from 5 p.m. ET on June 29, according to a market source.

Mediware Information Systems withdrew its $330 million credit facility (B2/B) from the primary market, a source remarked.

In other news, Bats Global Markets Inc. completed its $750 million credit facility (BB-) that includes a $100 million three-year revolver and a $650 million seven-year term loan B, a news release said.

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