MTS Systems breaks; NAPA Management sets issue price; On Assignment tables repricing

By Sara Rosenberg

New York, June 28 – MTS Systems Corp.’s credit facility made its way into the secondary market during Tuesday’s session, with levels on the term loan B quoted above its original issue discount.

MTS Systems’ $460 million seven-year covenant-light term loan B was quoted at 99½ bid, par offered, according to a market source.

Meanwhile, in the primary market, NAPA Management Services Corp. (NMSC Holdings Inc.) set the original issue discount on its add-on term loan at the tight end of guidance, and On Assignment Inc. removed its term loan B repricing proposal from market.

NAPA Management Services finalized the original issue discount on its $13 million add-on covenant-light term loan B due April 19, 2023 at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Additionally, Douglas Dynamics Inc. saw price talk surface on its incremental term loan, and Adient Ltd. launched its pro rata credit facility.

Douglas Dynamics launched its fungible $130 million incremental term loan (B2) with talk of Libor plus 425 bps with a 1% Libor floor, in line with existing term loan pricing, and an original issue discount of 99, according to a market source.

Adient held its bank meeting on Tuesday, launching its $1.5 billion revolver and a $1.5 billion five-year term loan with initial pricing of Libor plus 175 basis points, a market source said.

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