Insight Global breaks; Fortescue inches up on partial repayment; ConvergeOne tweaks deal

By Sara Rosenberg

New York, Sept. 13 – Insight Global (IG Investment Holdings LLC) finalized the original issue discount on its $170 million tack-on first-lien term loan (B1) due October 2021 at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

The tack-on term loan is priced at Libor plus 500 basis points with a 1% Libor floor and has 101 soft call protection through April 22, 2017, which is all in line with the existing first-lien term loan.

With final terms in place, the tack-on loan made its way into the secondary market on Tuesday, and levels were seen at par bid, par ½ offered, the source said.

Fortescue Metals Group Ltd.’s term loan was a touch higher with paydown news.

Moving to the primary market, ConvergeOne Holdings Corp. eliminated plans for a portable capital structure under its credit facility, and Intellectual Property & Science (Camelot Finance LP) accelerated the commitment deadline on its credit facility.

Also, Nexstar Broadcasting Group Inc., Consolidated Communications Inc., Constantia Flexibles, Acadia Healthcare Co. Inc., Wesco Aircraft Hardware Corp. and Fitness International LLC (LA Fitness) disclosed price talk with launch.

Additionally, Press Ganey Inc. came out with timing on the launch of its credit facility, and Gypsum Management and Supply Inc. (GYP Holdings III Corp.), Orion Engineered Carbons SA, Camping World Good Sam, American Airlines Group Inc. and ClubCorp Club Operations Inc. emerged with new deal plans.

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