Perrigo accelerates term loan B commitment deadline; Dayco Products sets price talk

By Sara Rosenberg

New York, April 5 – In the primary market on Tuesday, Perrigo Co. plc moved up the commitment deadline for its first-lien term loan B, and Dayco Products LLC released price talk on its term loan B in connection with its lender call.

Furthermore, Epiq (DTI Holdco Inc.) joined this week’s new issue calendar.

Perrigo tweaks timing

Perrigo accelerated the commitment deadline for its $800 million seven-year first-lien term loan B, of which $400 million is a delayed-draw tranche, to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, a market source remarked.

Talk on the term loan B is SOFR+10 basis points CSA plus 275 bps to 300 bps with a 25 bps step-down at 0.5x inside closing date total net leverage, a 0.5% floor, an original issue discount of 98.5, and 101 soft call protection for six months.

The company’s $2.1 billion of senior secured credit facilities (Baa3/BBB-/BBB-) also include a $1 billion five-year revolver and a $300 million five-year term loan A.

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC, BofA Securities Inc. and HSBC Securities (USA) Inc. are leading the deal.

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