Switch, Oxbow Carbon, BenefitMall, EVO Payments International, PDC Brands break to trade

By Sara Rosenberg

New York, Dec. 18 – Switch Ltd. finalized pricing on its term loan B at the wide end of guidance and then emerged in the secondary market on Monday, with levels quoted above its issue price.

Other deals to free up for trading during the session included Oxbow Carbon LLC, BenefitMall (BMC Acquisition Inc.), EVO Payments International and PDC Brands (Parfums Holding Co. Inc.).

Switch set the spread on its $598.5 million covenant-light term loan B due June 2024 at Libor plus 225 basis points, the high end of the Libor plus 200 bps to 225 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

With final terms in place, the term loan B broke for trading on Monday and levels were seen at par 1/8 bid, par 3/8 offered, a trader added.

BMO Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan B down from Libor plus 275 bps with a step-down to Libor plus 250 bps and a 0% Libor floor.

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