Panavision's $195 million first and second-lien loans broke above par in the secondary market last week. The first lien broke at 100 3/8, while the second lien broke at 101 1/4. Credit Suisse and Bear Stearns lead the deal, which the company will use to refinance debt, including its 12.5% '09 senior notes and its $118.5 million credit facility, according to Damien Sullivan, v.p. and general counsel at Panavision.
The first lien was increased by $15 million and pricing on the first lien was flexed down 50 basis points to LIBOR plus 3%, after its initial launch. The second lien, which contains 102 call protection, is priced at LIBOR plus 7%.