Xplornet Communications, HD Supply term loans free to trade above issue prices

By Sara Rosenberg

New York, Aug. 24 – Xplornet Communications Inc.’s $385 million term loan B made its way into the secondary market on Thursday, with levels quoted at par ¾ bid, 101½ offered, according to a market source.

Pricing on the term loan is Libor plus 475 basis points with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

On Wednesday, pricing on the term loan was reduced from talk of Libor plus 500 bps to 525 bps.

SunTrust Robinson Humphrey Inc., BMO Capital Markets Corp. and Jefferies LLC are the leads on the deal.

Also, HD Supply Inc. finalized the spread on its $537 million covenant-light term loan B-3 due Aug. 13, 2021 at Libor plus 225 bps, the high end of the Libor plus 200 bps to 225 bps talk, and on its $547 million covenant-light term loan B-4 due Oct. 17, 2023 at Libor plus 250 bps, the high end of the Libor plus 225 bps to 250 bps talk, a market source remarked.

Furthermore, the original issue discount on both term loans was set at 99.875, the wide end of the 99.875 to par talk, the source said, adding that both loans still have a 0% Libor floor and 101 soft call protection for six months.

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