American Beacon, E.W. Scripps free to trade; Regal Cinemas term loan gains on refinancing

By Sara Rosenberg

New York, March 17 – Deals from American Beacon Advisors Inc. and E.W. Scripps Co. made their way into the secondary market on Tuesday with levels on both companies’ term loans quoted above their original issue discounts, and Regal Cinemas Corp.’s term loan was a bit stronger with refinancing news.

Meanwhile, in the primary market, Alvogen and Townsquare Media Inc. released price talk with launch, and Penn Product Terminals LLC, Post Holdings Inc., Boyd Corp. and Royal Adhesives & Sealants joined the new deal calendar.

American Beacon Advisors’ credit facility freed up for trading on Tuesday with the $230 million first-lien term loan seen at par 3/8 bid, par 7/8 offered, a trader remarked.

Pricing on the first-lien term loan is Libor plus 450 basis points with a 1% Libor floor and it was sold at an original issue discount of 99˝. The debt has 101 soft call protection for one year.

The company’s $350 million credit facility also includes a $40 million revolver and an $80 million second-lien term loan.

The second-lien term loan is priced at Libor plus 875 bps with a 1% Libor floor and was issued at a discount of 98, and has call protection of 102 in year one and 101 in year two.

During syndication, the first-lien term loan was upsized from $220 million, pricing was cut from Libor plus 475 bps and the discount was changed from 99, and the second-lien term loan was downsized from $90 million.

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