The pausing of First Brands’ primary loan deal this week reflects a lack of earnings clarity, two sources familiar with the deal said.

Weak demand for the marketed USD 1.5bn second lien facility also stopped the deal from going ahead, the first source and a third source said. The second lien book was around USD 500m, which is similar to the size of the auto-parts company’s existing second lien facility, according to a fourth source.

The commitment deadline for the transaction, which was intended to refinance the company’s existing debt, was 5 August.