Reynolds Group tweaks loan deal; Service Logic allocations emerge; OWIC announced

By Sara Rosenberg

New York, July 18 – In the leveraged loan market on Monday, Reynolds Group Holdings Inc. trimmed the size of its U.S. term loan and added a tack-on notes offering to its refinancing plans, and Service Logic (MSHC Inc.) communicated allocations on its credit facility.

Reynolds Group cut its U.S. dollar 6.5-year term loan size to $1,973,000,000 from $2,223,000,000 and left talk at Libor plus 325 basis points to 350 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company is still also seeking a €250 million 6.5-year term loan talked at Euribor plus 375 bps to 400 bps with no floor, a discount of 99 and 101 soft call protection for six months.

Along with the new term loans, the company is looking to resize its revolver as a single $400 million facility and extend the maturity to five years from closing.

Service Logic allocated during the session its $164.8 million five-year senior credit facility that is split between a $10 million revolver, a $103.4 million term loan and a $51.4 million delayed-draw term loan, a source said.

Switching to the secondary market, a $390 million Offers Wanted In Competition surfaced in the morning.

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