Emerald Expositions term loan frees to trade; Petco lifted with general market strength

By Sara Rosenberg

New York, June 2 – Emerald Expositions (Emerald X Inc.) finalized the spread on its term loan B, sweetened the call protection and made some revisions to documentation, and then the debt broke for trading on Friday.

In addition, Petco Health and Wellness Co. Inc.’s term loan headed higher in the secondary market despite a ratings downgrade by Moody’s Investors Service as the market in general was stronger.

Emerald Expositions set pricing on its $415 million term loan B due May 22, 2026 at SOFR plus 500 basis points, the high end of the SOFR plus 475 bps to 500 bps talk, modified the soft call protection to 102 for one year and then 101 for six months, from 101 for one year, and made changes to documentation, according to a market source.

As before, the term loan has 10 bps CSA, a 0% floor and an original issue discount of 97.

Recommitments were due at 4:15 p.m. ET on Friday and the term loan B freed to trade late in the day, with levels quoted at 97 bid, 97˝ offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance an existing $415 million first-lien term loan B.

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