Laureate gains as amendment launches; Verisk tweaks deal; repricings, refinancings pile on

By Sara Rosenberg

New York, May 23 – Laureate Education Inc. saw its term loan B jump higher by a couple of points in the secondary market on Monday after the company approached lenders with an amendment and extension of the debt.

Laureate Education’s term loan B strengthened to 97 bid, 98 offered from 93 bid, 94 offered, according to a trader.

The company launched an extended $1.81 billion senior secured term loan B due March 2021 at talk of Libor plus 750 basis points with no Libor floor, a par issue price and 101 hard call protection for one year, a market source said.

The amendment and extension will push out the maturity from June 2018 and increase pricing from Libor plus 375 bps with a 1.25% Libor floor.

In more happenings, Verisk Health (VCVH Holding Corp.) shifted some funds between its first- and second-lien term loans and tightened spreads and original issue discounts on both tranches.

Also, Regal Cinemas Corp. and Zebra Technologies Corp. brought repricing proposals to market, and Albertsons Cos. LLC and Presidio Inc. launched refinancing transactions.

Furthermore, Yum! Brands Inc. and Zekelman Industries released price talk on their term loan B’s in connection with their bank meetings, and J.D. Power came out with timing and structure on its proposed credit facility.

In addition, Leidos Holdings Inc./Abacus Innovations Corp. set a bank meeting date for its term loan B, and Aspen Dental Management Inc. joined this week’s new issue calendar.

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