Veregy, Park Place Technologies, Cambrex loan transactions free to trade

By Sara Rosenberg

New York, Nov. 2 – Veregy slightly trimmed its funded first-lien term loan size, widened the spread as well as the original issue discount, sweetened the call protection and eliminated plans for a delayed-draw term loan before freeing up for trading on Monday.

The company cut its seven-year covenant-lite first-lien term loan to $248 million from $250 million, raised pricing to Libor plus 600 basis points from Libor plus 575 bps, changed the original issue discount to 97 from talk in the range of 98 to 98.5 and extended the 101 soft call protection to one year from six months, according to a market source.

As before, the term loan has a 1% Libor floor.

Also, the company removed from the capital structure a $50 million delayed-draw term loan available for 24 months.

Other deals to make their way into the secondary market during the session included Park Place Technologies LLC and Cambrex Corp.

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