Generac Power Systems' $950 million first lien broke at 100 1/2-3/4 in the secondary before dipping to 100 3/8-5/8 last week. Goldman Sachs leads the loan, which is priced at LIBOR plus 2 1/2%. The credit line also includes a $450 million second lien, which traded at 100 3/4. A buyside trader said the first lien traded down with the rest of the market because of HCA (see story, page 7).
Wisconsin-based Generac designs and makes power generation equipment for residential, light-commercial and industrial use. In September, private equity firm CCMP Capital Advisors signed an agreement to buy most of Generac Power from the company's founder, Robert Kern, and its other shareholders, for an undisclosed sum. Aaron Jagdfeld, cfo, referred a call to CCMP. A CCMP representative did not return calls.