Go Wireless, Jaggaer loans hit the secondary market; BWIC and OWIC surface

By Sara Rosenberg

New York, Dec. 21 – Go Wireless’ new loan transaction made its way into the secondary market during Thursday’s session, with the debt bid in line with its original issue discount.

Another deal to free up for trading was Jaggaer, and its term loan was quoted above its issue price.

In more secondary news, a Bid Wanted in Competition and an Offer Wanted in Competition were announced.

Go Wireless breaks

Go Wireless allocated its $300 million seven-year senior secured term loan (B1/B+), and the debt emerged in the secondary market with levels seen at 99 bid, 99½ offered, according to a trader.

Pricing on the loan is Libor plus 650 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

Earlier in the week, the term loan was downsized from an initial amount of $400 million, and the spread was officially flexed up from Libor plus 600 bps.

Then, during the recommitment process, the call protection was extended from six months.

UBS Investment Bank is the lead on the deal.

Proceeds will be used to refinance existing debt, to fund a dividend and for general corporate purposes.

Go Wireless is a Verizon authorized retailer.

Jaggaer frees up

Jaggaer’s credit facilities began trading as well, with the $385 million seven-year covenant-light term loan quoted at 99¾ bid, par ¼ offered, a market source remarked.

Pricing on the term loan is Libor plus 400 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The loan has 101 soft call protection for six months.

The company’s $410 million of senior secured credit facilities (B) also include a $25 million five-year revolver.

Antares Capital is leading the deal that will be used to help fund the acquisition of BravoSolution from Italmobiliare SpA and to refinance existing debt.

Closing is scheduled for Dec. 29.

Jaggaer, a portfolio company of Accel-KKR, is a Morrisville, N.C.-based spend management technology company. BravoSolution is a strategic procurement solution provider.

BWIC, OWIC announced

Also in trading, a $222 million cash loan Bid Wanted in Competition surfaced with bids due at 11 a.m. ET on Friday, and a $203 million cash loan Offer Wanted in Competition emerged with offers due at 10 a.m. ET on Friday, traders said.

The BWIC includes such names as AES Corp., Beacon Roofing Supply Inc., CeramTec Acquisition Corp., Dell International LLC, Fieldwood Energy LLC, HCA Inc., Ion Media Networks Inc., Microsemi Corp., Nexstar Broadcasting Inc., PetSmart Inc., Realogy Group LLC, SBA Senior Finance II LLC, Station Casinos LLC, Verifone Inc. and Zebra Technologies Corp., traders continued.

There are about 167 issuers in the BWIC.

Some of the names in the OWIC include Amplify Snack Brands Inc., Calpine Construction Finance Co. LP, Duff & Phelps Corp., Equinox Holdings Inc., Golden Nugget Inc., Ion Media Networks Inc., Michaels Stores Inc., Oxbow Carbon LLC, Rackspace Hosting Inc., Staples Inc., Tribune Media Co. and Valeant Pharmaceuticals International Inc.

There are about 128 issuers in the OWIC, traders added.

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