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HUB, Iridium free up; Kantar revised; Ellie Mae, WorldStrides release price talk
By Sara Rosenberg
New York, Oct. 18 – HUB International Ltd. firmed the spread on its incremental term loan B at the high end of guidance, increased the Libor floor and widened the original issue discount before breaking for trading on Friday, and Iridium Satellite LLC’s term loan surfaced in the secondary market as well.
Specifically, HUB finalized pricing on its non-fungible $1.27 billion incremental senior secured covenant-lite term loan B (B2/B) due April 25, 2025 at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, moved the Libor floor to 1% from 0% and changed the original issue discount to 98.5 from 99.
Recommitments were due at 10 a.m. ET on Friday and the loan broke for trading in the afternoon, with levels quoted at 99¼ bid, 99¾ offered.
Iridium Satellite’s credit facilities freed up with the $1.45 billion seven-year covenant-lite term loan B quoted at par ¼ bid, par ¾ offered.
In other news, Kantar reworked its U.S. and euro term loan B sizes and pricing, and added a term loan A to its capital structure, Ellie Mae Inc. and WorldStrides announced price talk with launch, and Jane Street Group LLC, Edgewood Partners Holdings LLC (EPIC), NN Inc. and Belron emerged with new deal plans.
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