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Inmar term loan softens post break; Univar Solutions timing, proposed terms surface
By Sara Rosenberg
New York, June 7 – In trading on Wednesday, Inmar Inc.’s first-lien term loan moved a little lower from its recent break levels, with the bid dropping below its original issue discount, despite the secondary market in general having a stronger tone.
Inmar’s $950 million first-lien term loan (B3/B-) due May 1, 2026 was quoted by a trader at 96¼ bid, 97 offered on Wednesday. A second source said the loan freed to trade at 96¾ bid upon pricing and allocating late Tuesday.
Pricing on the term loan is SOFR plus 550 basis points with a 0.5% floor, and it was sold at an original issue discount of 96.5. The debt has 101 soft call protection for one year.
Moving to the primary market, Univar Solutions Inc.’s buyout financing, as expected, joined this week’s new issue calendar with the scheduling of a lender call for Thursday.
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