Conservice frees up; Nielsen updates; Aristocrat, Delek surface with incremental loans

By Sara Rosenberg

New York, May 7 – Conservice Midco LLC changed the original issue discount on its $475 million seven-year covenant-lite first-lien term loan (B2/B) to 95 from 93 and then the debt made its way into the secondary market on Thursday.

As before, the first-lien term loan is priced at Libor plus 425 basis points with a 0% Libor floor and has 101 soft call protection for one year.

Recommitments were due at 1 p.m. ET on Thursday and the first-lien term loan broke for trading in the afternoon, with levels quoted at 95¼ bid, 96 offered, another source added.

Also, Nielsen Finance LLC raised its U.S. term loan B due June 2025 to $550 million from $500 million and its euro term loan B due June 2025 to €420 million from $300 million equivalent, trimmed pricing to Libor/Euribor plus 375 bps from Libor/Euribor plus 400 bps and revised the original issue discounts to 98 from 97, according to a market source.

The U.S. term loan still has a 1% Libor floor, the euro term loan still has a 0% floor and both term loans still have 101 soft call protection for one year.

And, in other news, Aristocrat Leisure Ltd. and Delek US Holdings Inc. released price talk on their incremental term loans with launch.

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