Grifols, 84 Lumber free to trade; handful of deals join near-term primary calendar

By Sara Rosenberg

New York, Nov. 8 – Grifols’ U.S. term loan B made its way into the secondary market on Friday and was seen trading above its original issue discount, and 84 Lumber Co. broke for trading as well.

In more happenings, Playtika Holding Corp., FLY Leasing, Ticketek and Sotera Health Holdings LLC surfaced with new loan transaction plans.

Grifols hits secondary

Grifols’ bank debt freed to trade on Friday, with the $2.5 billion eight-year covenant-lite term loan B quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the U.S. term loan B is Libor plus 200 basis points with a 0% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

The company is also getting a $1.5 billion equivalent euro eight-year covenant-lite term loan B priced at Euribor plus 225 bps with a 0% floor and issued at a discount of 99.75. This tranche has 101 soft call protection for six months as well.

During syndication, the U.S. term loan was downsized from $3 billion and the discount was tightened from talk in the range of 99.25 to 99.5. Additionally, the euro term loan was downsized from $1.6 billion equivalent, pricing finalized at the low end of the Euribor plus 225 bps to 250 bps talk and the discount was revised from 99.5.

BofA Securities, Inc., BNP Paribas, HSBC, JPMorgan and BBVA are leading the deal that that will be used with $1.85 billion equivalent euro notes, upsized from $1.25 billion equivalent, to refinance existing senior secured debt.

Grifols is a Sant Cugat del Valles, Barcelona-based health care company.

84 Lumber breaks

84 Lumber’s $310 million seven-year covenant-lite term loan B (B3/B+) also began trading, with levels quoted at par bid, 101 offered, a market source remarked.

Pricing on the term loan B is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

Wells Fargo Securities LLC and PNC Capital Markets are leading the deal that will be used to refinance the company’s existing ABL revolving credit facilities and existing term loan B due 2023 and to pay related transaction fees and expenses.

84 Lumber is an Eighty Four, Pa.-based supplier of building materials, manufactured components and services for single and multi-family residences and commercial buildings.

Playtika on deck

Moving to the primary market, Playtika set a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $2.5 billion five-year covenant-lite first-lien term loan B, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Nov. 25.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to refinance an existing bridge loan.

Playtika is a mobile gaming company.

FLY readies deal

FLY Leasing emerged with plans to hold a lender call at noon ET on Tuesday to launch a new loan transaction, a market source said.

RBC Capital Markets is leading the deal.

The company currently has a $391 million term loan B (Ba2/BBB-) due Feb. 9, 2023 priced at Libor plus 200 bps.

FLY is a Dublin-based aircraft lessor.

Ticketek coming soon

Ticketek scheduled a lender call for 4 p.m. ET on Tuesday to launch a $285 million U.S. dollar equivalent senior secured first-lien term loan B, according to a market source.

The company is also getting a $100 million U.S. dollar equivalent privately placed second-lien term loan, the source said.

Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., UBS Investment Bank and Societe Generale are leading the deal that will be used to help fund the buyout of the company by Silver Lake Partners from Affinity Equity Partners.

Closing is expected this year, subject to customary conditions including approval by the Australian Foreign Investment Review Board.

Ticketek is a Sydney, Australia-based provider of ticketing, promotions, venue operations and data analytics marketing solutions to the live entertainment industry in Australia and New Zealand.

Sotera joins calendar

Sotera Health set a lender call for 10:30 a.m. ET on Tuesday to launch a new loan transaction, a market source remarked.

Jefferies LLC is leading the deal that will be used to refinance the company’s existing capital structure.

Sotera is a Broadview Heights, Ohio-based provider of mission-critical health sciences, lab services and sterilization solutions for the health care industry.

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