ClubCorp, Equinix deal changes surface; TI Group and Acrisure join new-issue calendar

By Sara Rosenberg

New York, Dec. 4 – ClubCorp Club Operations Inc. on Friday increased the size of its term loan B, and Equinix Inc. set U.S. dollar and sterling term loan B tranche sizes, tightened the original issue discount on the U.S. piece and firmed the issue price at the tight end of guidance on its sterling piece.

ClubCorp raised its seven-year senior secured covenant-light term loan B to $675 million from $625 million in reaction to trimming its senior unsecured notes offering to $350 million from $400 million, a market source remarked.

Equinix finalized its U.S. seven-year covenant-light term loan B (Ba2/BBB-) at a size of $250 million and revised the original issue discount to 99.75 from talk of 99 to 99.5, according to a market source.

Additionally, the sterling seven-year covenant-light term loan B (Ba2/BBB-) firmed at £300 million, and the discount was set at 99.5, the tight end of the 99 to 99.5 talk, while pricing was left intact at Libor plus 375 bps with a 0.75% Libor floor, the source said.

In more primary happenings, TI Group Automotive Systems LLC and Acrisure LLC emerged with plans to bring add-on term loans to market.

TI Group Automotive set a call for Tuesday to launch a fungible $100 million add-on term loan, a market source said.

Acrisure scheduled a lender call for Monday to launch a fungible $100 million add-on term loan, according to a market source.

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