Viasystems Group is rumored to be looking to for a second-lien deal that will take out its "A" piece and part of its "B" loan. The rumblings on the potential new piece had the company's bank debt moving up. The "B" loan was quoted in the 961/2-981/2 context up, from the 877/8-891/3 range, where the paper stood two weeks ago, according to LoanX. The "A" was quoted up around par. There is only about $60 million left on the "A" piece and approximately $337 million left on the "B" tranche, explained one dealer. John Hastings, v.p. of investor relations for Viasystems, said he could not comment on whether or not a new financing package was in the works.
J.P. Morgan is the lead on the credit, but it could not be determined if the bank would also be leading a second-lien effort. One buysider said the bank was being "coy" about the rumor. No more details could be obtained, but traders said the company had previously stated its intentions to complete some new financing by January. Viasystems recapitalized under a pre-packaged bankruptcy. In conjunction with that recapitalization, the company completed a new credit facility with $448.3 million in term loans.