New Media breaks; PetSmart makes second cut to pricing; Nord Anglia, Armacell on deck

By Sara Rosenberg

New York, Feb. 13 – New Media Investment Group Inc.’s term loan emerged in the secondary market on Friday with the debt seen bid in line with its original issue discount.

Meanwhile, in the primary market, PetSmart Inc. trimmed pricing on its term loan B for a second time, and Nord Anglia Education Inc. and Armacell surfaced with new loan plans.

New Media Investment Group’s $327 million term loan due June 2020 freed up for trading on Friday with levels seen at 99 bid, 99¾ offered, according to a market source.

Pricing on the loan is Libor plus 625 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protection for six months.

Citizens Financial Group is leading the deal that will be used to refinance the company’s existing three term loans due June 2020 priced at Libor plus 625 bps with a 1% Libor floor.

The existing loans are split between a $102 million term loan that funded recently, a $25 million add-on term loan completed in September 2014 and a $200 million term loan completed around the summer of 2014.

As previously reported, the existing $102 million term loan had been launched into syndication in early December with a size of $170 million and ended up being downsized and funded by the lead.

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