DTZ, Dayco break; Regal moves around; Essar tweaks deal; TransFirst moves deadline

By Sara Rosenberg

New York, Oct. 28 – DTZ (DTZ U.S. Borrower LLC and DTZ Aus HoldCo Pty Ltd.) and Dayco Products LLC hit the secondary market on Tuesday, and Regal Entertainment Group’s term loan was a little lower in trading after rising during the prior session on the back of earnings news and indications that a sale of the company is being considered.

Moving to the primary, Essar Steel Algoma raised pricing on its term loan B and widened the original issue discount, and TransFirst Inc. and Block Communications Inc. accelerated the commitment deadlines on their loans.

In addition, Southeast PowerGen LLC released price talk with launch, and Tecomet Inc. came out with timing and price talk on its proposed credit facility.

DTZ’s credit facility began trading on Tuesday with the $470 million seven-year first-lien term loan (B1/B+) and $280 million delayed-draw term loan (B1/B+) quoted at 99½ bid, par offered, and the $210 million eight-year second-lien term loan (B3/B-) quoted at par bid, according to a market source.

Pricing on the first-lien term loan and delayed-draw term loans is Libor plus 450 basis points with a 1% Libor floor and they were sold at an original issue discount of 98½. There is 101 soft call protection for one year and the delayed-draw term loan has a ticking fee of the full spread after 30 days.

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