Xperi frees to trade; United PF discloses talk; Hamilton Projects, Hearthside on deck

By Sara Rosenberg

New York, June 1 – Xperi Corp. reduced the size of its term loan B and firmed the original issue discount within revised price talk, and then the debt made its way into the secondary market on Monday.

Specifically, Xperi trimmed its five-year covenant-lite term loan B (Ba3/BB-) to $1.05 billion from $1.1 billion and set the original issue discount at 90.5, within adjusted talk in the range of 90 to 92 and wide of initial talk of 96, according to a market source.

As before, the term loan is priced at Libor plus 400 basis points with a 0% Libor floor and has 101 soft call protection for one year.

Earlier in syndication, the term loan maturity was shortened from six years, and amortization was changed to 5% per annum in years one, two and three, and 7.5% per annum onwards.

Late in the day, Xperi’s term loan B broke for trading, with levels quoted at 91 bid on the open and, shortly thereafter, the debt moved up to 94¼ bid, 95¼ offered, a trader added.

In other news, United PF Holdings LLC released price guidance on its incremental first-lien term loan with its lender call, and Hamilton Projects Acquiror LLC and Hearthside Food Solutions LLC (H-Foods Holdings LLC) joined this week’s primary loan calendar.

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