The "B" loans for Journal Register Co. and Scotts Co. broke yesterday above par. J.P. Morgan is lead bank on both facilities. Journal's $350 million "B" piece was seen trading actively in the 100 1/4-100 1/2 context. Scotts' $150 million "B" tranche changed hands in the 100 3/8-100 5/8 range, market participants said. Both "B" pieces are priced at LIBOR plus 1 1/2%.
Journal's new facility also consists of a $275 million term loan "A" and a $425 million revolver. Scotts financing also includes a $200 million "A" piece priced at LIBOR plus 1 1/4%. Jean Clifton, Journal's executive v.p. and cfo, and Scotts officials did not return calls by press time.