Equinix breaks; Dexter Axle revises deal; Camping World, DTZ join this week’s calendar

By Sara Rosenberg

New York, Dec. 7 – Equinix Inc.’s U.S. term loan B made its way into the secondary market on Monday, with the debt bid above its original issue discount.

Meanwhile, in the primary market, Dexter Axle reworked its credit facility, downsizing its U.S. term loan B, and widening the spread and extending the call protection on the U.S. tranche as well as on a euro term loan B, and Camping World Inc. and DTZ emerged with new loan plans.

Equinix’s $250 million seven-year covenant-light term loan B (Ba2/BBB-) freed up for trading on Monday at par bid, according to a trader.

Pricing on the U.S. term loan is Libor plus 325 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 99.75.

The company is also getting a £300 million seven-year covenant-light term loan B (Ba2/BBB-) priced at Libor plus 375 bps with a 0.75% Libor floor, and issued at a discount of 99.5.

Last week, the U.S. and sterling term loan tranche sizes were determined, versus launching as a $700 million equivalent loan with U.S. dollar and sterling sizes to be determined, the discount on the U.S. term loan was revised from talk of 99 to 99.5, and the discount on the sterling term loan firmed at the tight end of the 99 to 99.5 talk.

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