Staples, PGT downsize term loans; Vivid Seats to launch $240 million bank debt Wednesday

By Paul A. Harris

Portland, Ore., Jan. 28 – Bank loans were generically ¼ to 3/8 of a point higher amid decent two-way flow in a relatively quiet market on Thursday, according to a trader.

In the primary market Staples Inc. and PGT Inc. downsized their term loans.

And Vivid Seats Ltd. set a Wednesday lender meeting to launch $240 million of first-lien senior bank debt.

Staples downsized its term loan B to $2.5 billion from $2.75 billion, electing to draw the $250 million difference from its ABL facility, a move that will render a cheaper cost of capital, a market source said.

Pricing was increased to Libor plus 400 basis points from 350 bps.

NorthStar Asset Management Group Inc. (NSAM LP) raised pricing and deepened the discount on its restructured its $500 million seven-year senior secured term loan B (Ba2/BBB-) on Thursday, according to a market source.

Vivid plans to launch $240 million of first-lien senior bank debt on Wednesday, according to a market source.

PGT downsized its term loan B (B2/B+) to $270 million from $310 million and decreased the maturity to six years from seven years, according to a market source.

Central Security Group, Inc. moved up timing on its $50 million incremental first-lien term loan due Oct. 6, 2020 (B2/B-), according to a market source.

Commitments are now due on Friday. The previous deadline was Monday, Feb. 1.

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