Seadrill, Mediacom free to trade; Bayonne Energy Center, Equinox Holdings modify deals

By Sara Rosenberg

New York, June 18 – Seadrill Operating LP raised the size of its add-on term loan, set the original issue discount at the tight end of guidance and then made its way into the secondary market on Wednesday, and Mediacom’s new term loans began trading too.

Moving to the primary, Bayonne Energy Center LLC upsized its term B while tightening the spread and offer price, and Equinox Holdings Inc. revised the discount on its add-on loan.

Also, Learfield Communications Inc. released offer price talk on its add-on first-lien term loan with launch, and QoLmeds/Genoa Healthcare and Ascend Learning surfaced with new deal plans.

Seadrill upsized its add-on term loan B (Ba3/BB-) due February 2021 to $1.1 billion from $1 billion and firmed the original issue discount at 98½, the low end of the 98 to 98½ talk, according to a market source.

Pricing on the add-on is in line with the existing term loan B at Libor plus 300 basis points with a 1% Libor floor, and all of the debt has 101 soft call protection through February 2015.

Recommitments were due at 11 a.m. ET on Wednesday, and with final terms in place, the deal allocated and freed up for trading in the afternoon with levels seen in the secondary at 99 bid, 99½ offered, another source said.

Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC and RBC Capital Markets are leading the deal.

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