On Assignment breaks; Informatica, Sage Products revisions emerge; SBA, Sonneborn set talk

By Sara Rosenberg

New York, June 1 – On Assignment Inc.’s credit facility made its way into the secondary market during Monday’s session, with the term loan B seen trading above its original issue discount.

On Assignment’s $825 million seven-year covenant-light term loan B was quoted at 99 7/8 bid, 100 3/8 offered and then it moved up to 100 1/8 bid, 100 5/8 offered.

Over in the primary market, Informatica Corp. upsized its U.S. term loan B with a bond downsizing and tightened spreads and original issue discounts on the U.S. loan as well as on its euro loan, and Sage Products Holdings III LLC added an add-on term loan to its first-lien repricing proposal.

Informatica raised its seven-year covenant-light term loan B to $1,705,000,000 from $1,605,000,000 as its bond offering was reduced to $650 million from $750 million.

In addition, pricing on the U.S. term loan and on the company’s €250 million seven-year covenant-light term loan B was lowered to Libor/Euribor plus 350 bps from Libor/Euribor plus 375 bps, and the original issue discount on the debt was revised to 99.75 from 99.5, while the 1% floor and 101 soft call protection for six months were unchanged.

SBA Senior Finance II and Sonneborn LLC disclosed talk with launch, timing surfaced on the Zep Inc. buyout credit facility, and Academy Ltd. (Academy Sports + Outdoors), Liquid Web and Methanol Holdings (Trinidad) Ltd. emerged with new deal plans.

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