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Creative Artists, Dave & Buster’s term loans free to trade; Avaya sets revisions
By Sara Rosenberg
New York, June 23 – Creative Artists Agency revised the original issue discount on its term loan B-2 before breaking for trading on Thursday, and Dave & Buster’s Inc. saw its term loan B hit the secondary market as well.
Creative Artists adjusted the original issue discount on its $325 million term loan B-2 due November 2026 (B2/B) to 96.25 from 96, a market source said.
The term loan is still priced at SOFR plus 425 basis points with a 1% floor and has 101 soft call protection for six months.
On Thursday, the term loan B-2 freed to trade, with levels quoted at 96¼ bid, 97 offered, another source added.
In more happenings, Avaya reduced the size of its first-lien term loan, increased pricing, revised the issue price, added an upfront fee and sweetened the call protection.
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