Progressive-PMSI, Learfield break; TGI Fridays, Husky, World Triathlon revisions surface

By Sara Rosenberg

New York, June 20 – Progressive-PMSI’s (P2 Lower Acquisition LLC) incremental term loans freed up for trading on Friday, with both the first- and second-lien debt quoted above their original issue discounts, and Learfield Communications Inc. hit the secondary too.

Moving to the primary, TGI Fridays Restaurants moved some funds between its first- and second-lien term loans, firmed pricing on the first-lien loan at the low end of talk and tightened the original issue discount and lifted pricing on the second-lien tranche while sweetening call premiums.

Also, Husky International Ltd. reworked its first- and second-lien term loan sizes, set spreads at the low end of guidance and modified offer prices on the tranches, World Triathlon Corp. lifted its term loan size while tightening the spread and original issue discount, and Landmark Aviation accelerated the commitment deadline on its debt.

Furthermore, American Energy – Marcellus LLC, Templar Energy LLC, Ciena Corp. and 4L Technologies Inc. surfaced with new deal plans, and Red Lobster Management LLC released timing and structure on its buyout transaction.

Progressive-PMSI’s add-on term loans emerged in the secondary market, with the $130 million incremental first-lien term loan (B) due October 2020 quoted at par bid, par ½ offered, and the $80 million incremental second-lien term loan (CCC+) due October 2021 quoted at par bid, 101 offered, according to a trader.

Pricing on the add-on first-lien loan is Libor plus 450 basis points with a 1% Libor floor.

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