J.C. Penney, Hillman Group, Phillips-Medisize free up; ConvergeOne, Mediacom modify deals

By Sara Rosenberg

New York, June 13 – J.C. Penney Co. Inc. tightened pricing and the original issue discount on its term loan and then freed up for trading on Friday, Hillman Group Inc. and Phillips-Medisize Corp. saw their credit facilities emerge in the secondary, and Toys “R” Us Inc.’s loans were better on the back of earnings.

In more happenings, ConvergeOne Holdings Corp. lifted the spread on its first-lien term loan and adjusted the call protection on the tranche as well as on its second-lien loan, and Mediacom upsized its term loan J while revising the offer price, lowered pricing on its term loan I and added a term loan G to its refinancing plans.

Also, V.Group accelerated the commitment deadline on its credit facility, Jacobs Douwe Egberts price talk surfaced, and Premier Trailer Leasing Inc., Tribune Publishing Co., the Winebow Group LLC, TriNet HR Corp. and Altegrity Inc.emerged with new deal plans.

J.C. Penney trimmed pricing on its $500 million term loan (B2/B) to Libor plus 400 basis points from talk of Libor plus 450 bps to 475 bps and moved the original issue discount to 99¼ from 99, according to a market source. The debt still has a 1% Libor floor and 101 soft call protection for six months.

The company’s $2.35 billion credit facility also includes a $1.85 billion asset-based revolver (B1/B).

Recommitments were due at noon ET on Friday.

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