Bausch + Lomb, Refresco, Aristocrat break; Restoration reworked; Gaming Capital pulls B loan

By Sara Rosenberg

New York, May 5 – Bausch + Lomb firmed the spread on its first-lien term loan at the low end of guidance, tightened the original issue discount and made some changes to documentation before freeing up for trading on Thursday.

Bausch + Lomb finalized pricing on its $2.5 billion five-year first-lien term loan (Ba2/B+/BB+) at SOFR plus 325 basis points, the low end of the SOFR plus 325 bps to 350 bps talk, and adjusted the original issue discount to 98.75 from 98.5, according to market sources.

The company also changed MFN to 50 bps with an 18-month sunset from a 12-month sunset and added J. Crew language, sources said.

As before, the term loan has CSA of 10 bps, a 0.5% floor, 101 soft call protection for six months, and ticking fees of half the margin from days 46 to 90 and the full margin thereafter.

Deals from Refresco Group BV and Aristocrat Technologies emerged in the secondary market as well.

In more happenings, Restoration Hardware Inc. reduced the size of its incremental term loan B-2, widened the issue price and extended the call protection.

Also, Gaming Capital Group (GCG Holdings LLC) moved to an all-pro rata structure and pulled its term loan B from market, and ChampionX Corp. approached lenders with a new term loan.

© 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.