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Arby's cuts pricing, trims discount; Convergint Technologies sets talk
By Paul A. Harris
Portland, Ore., Jan. 18 – In Thursday's leveraged loan market Arby’s Restaurant Group Inc. reduced pricing and narrowed the original issue discount on its proposed $1,575,000,000 seven-year term loan B.
The loan is now priced at Libor plus 325 basis points with a step down to Libor plus 300 bps on net first-lien leverage reaching 2.5 times. Previously price talk was Libor plus 375 bps.
In addition, the OID is now 99.75 instead of 99.5.
The loan continues to have a 1% Libor floor and 101 soft call protection for six months, the source said.
And Convergint Technologies set talk for its planned term loans with the launch of the new $861 million credit facility.
A $575 million seven-year first-lien term loan (B2/B) is talked at Libor plus 350 basis points with a 0.75% Libor floor and an original issue discount of 99.5.
Of the total loan, $40 million is delayed-draw and $535 million funded.
A $211 million eight-year second-lien term loan (Caa2/CCC) is talked at Libor plus 750 bps with a 0.75% Libor floor and OID of 99, the source said.
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