Sabre, Pike term loans free to trade atop OIDs; Asurion shops term loan B-10

By Sara Rosenberg

New York, Aug. 10 – Sabre GLBL Inc. finalized the size of its term loan B at the midpoint of revised talk, and Pike Corp. set the spread on its incremental term loan B at the low end of talk and tightened the original issue discount, and then both of these deals made their way into the secondary market on Wednesday.

Sabre firmed the size of its term loan B due June 30, 2028 at $675 million, the middle of revised talk of $650 million to $700 million and higher than the initial amount of $400 million, according to a market source.

Pricing on the term loan is SOFR+10 basis points CSA plus 500 bps with a 0.5% floor and an original issue discount of 95, and the debt has 101 hard call protection for one year.

Previously in syndication, pricing on the term loan finalized at the high end of the SOFR plus 475 bps to 500 bps talk and the discount was set at the tight end of the 94 to 95 guidance.

The term loan B began trading on Wednesday, with levels quoted at 96 bid, 97 offered, another source added.

In more happenings, Asurion LLC approached lenders with a new term loan B-10 to take out an existing term loan B-6.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.