Cast & Crew, Talen Energy, Thryv term loans break for trading; Anchor Packaging tweaks deal

By Sara Rosenberg

New York, April 30 – Cast & Crew reduced pricing on its term loan B, tightened the original issue discount and shifted to a fungible structure, and Talen Energy Supply LLC lowered the spread on its term loan B and term loan C, and then these deals freed to trade on Tuesday.

Another deal to make its way into the secondary market during the session was Thryv Inc.’s term loan B and levels were quoted above its original issue discount.

In more happenings, Anchor Packaging LLC revised the original issue discount for new commitments for its first-lien term loan, and APi Group Corp. released price talk on its first-lien term loan in connection with its lender call.

Cast & Crew revised, frees

Cast & Crew cut pricing on its $950 million term loan B due December 2028 to SOFR plus 375 basis points from talk in the range of SOFR plus 400 bps to 425 bps, changed the original issue discount talk to a range of 99.05 to 99.5 from 99, and then firmed at 99.5 after the 10:45 a.m. ET on Tuesday recommitment deadline passed, and moved to fungible with an existing term loan B from non-fungible, according to a market source.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

In the afternoon, the term loan broke for trading, with levels quoted at 99¾ bid, par ¼ offered, a trader added.

Goldman Sachs Bank USA, JPMorgan Chase Bank and RBC Capital Markets are leading the deal that will be used to refinance an existing $895 million term loan B and to repay revolver borrowings. RBC is the agent.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

Talen flexed, breaks

Talen Energy trimmed pricing on its $863 million senior secured term loan B due May 17, 2030 and $470 million senior secured term loan C due May 17, 2030 to SOFR plus 350 bps from SOFR plus 375 bps, a market source remarked.

As before, the term loans (Ba3/BB/BB+) have a 0% floor, a par issue price and 101 soft call protection for six months.

Recommitments were due at noon ET on Tuesday and the term loans freed to trade late in the day, with levels quoted at par 3/8 bid, par ¾ offered, another source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice the company’s existing term loan B and term loan C down from SOFR plus 450 bps with a 0.5% floor.

Closing is expected during the week of May 6.

Talen Energy is a Houston-based power generation and infrastructure company.

Thryv hits secondary

Thryv’s $350 million five-year term loan B (B3/B+) began trading too, with levels quoted at par bid, 101 offered, according to a market source.

Pricing on the term loan is SOFR plus 675 bps with a 1% floor and it was sold at an original issue discount of 99. The debt has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing on the term loan was lowered from SOFR plus 700 bps and the discount was changed from 98.

Citizens Bank is leading the deal that will be used to refinance existing debt, including the company’s term loan B due 2026.

Thryv is a Dallas-based software and marketing services company.

Anchor updated

Anchor Packaging finalized the original issue discount on its roughly $725 million first-lien term loan due July 2029 at 99.75, versus talk at launch of 99.5 on new commitments and 99.75 on rolled commitments, a market source said.

Pricing on the term loan remained at SOFR plus 375 bps with 25 bps step-downs at 0.5x and 0.75x inside closing date first-lien net leverage and a 0% floor, and the debt still has 101 soft call protection for six months.

Recommitments are due at 10 a.m. ET on Wednesday, the source added.

UBS Investment Bank is the left lead on the deal that will be used to amend and extend a roughly $522 million first-lien term loan and to fund a distribution to shareholders.

Anchor Packaging is a St. Louis-based producer of thermoformed food packaging solutions.

APi guidance

APi Group held its lender call on Tuesday morning and announced price talk on its $2.257 billion first-lien term loan due Jan. 3, 2029 at SOFR plus 200 bps to 225 bps with no CSA, a 0% floor and an original issue discount of 99.75 to par, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Friday, the source added.

BofA Securities Inc. is leading the deal that will be used to reprice an existing $1.707 billion first-lien term loan down from SOFR+ARRC CSA plus 250 bps with a 0% floor, to refinance a $330 million term loan due 2026 and a $100 million revolver draw and for general corporate purposes, including the acquisition of Elevated Facility Group Services from L Squared Capital Partners for about $570 million.

APi is a New Brighton, Minn.-based business services provider of safety, specialty and security services. Elevated Facility is a provider of contractually based services for elevator and escalator equipment.

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