Intelligrated trades up on purchase by Honeywell; WEX, Affinity close on credit facilities

By Sara Rosenberg

New York, July 1 – Intelligrated saw its term loan head higher in the quiet pre-holiday secondary market on Friday following news that the company is being acquired by investment-grade company Honeywell International Inc., according to a market source.

The term loan was quoted at par bid, par ½ offered, up from 99 bid, par offered, the source said.

In other news, WEX Inc. closed on its $2.125 billion credit facility (Ba3/BB-) that consists of a $470 million five-year revolver, a $455 million five-year term loan A and a $1.2 billion seven-year term loan B, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the revolver and term loan A is Libor plus 325 basis points, and pricing on the term loan B term loan B is Libor plus 350 bps with a step-down to Libor plus 325 bps when consolidated total leverage is less than or equal to 3.5 times and a 0.75% Libor floor. The term loan B has 101 soft call protection for one year and was sold at an original issue discount of 99.

Affinity Gaming completed its $375 million credit facility (B1/BB-) that includes a $75 million undrawn revolver and a $300 million seven-year first-lien term loan B, a news release said.

Pricing on the term loan B is Libor plus 400 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

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