Playtika frees to trade; Mirion Technologies, Tank Holding release OID price talk

By Sara Rosenberg

New York, Dec. 3 – Playtika Holding Corp.’s term loan B made its way into the secondary market on Tuesday afternoon and was seen trading above its original issue discount.

Meanwhile, over in the primary market, Mirion Technologies Inc. and Tank Holding Corp. disclosed price talk with launch, and Canister International Group Inc. joined this week’s primary calendar.

Playtika breaks

Playtika’s $2.5 billion five-year covenant-lite first-lien term loan B (B1/B+) freed up for trading on Tuesday, with levels quoted at 98¼ bid, 98¾ offered, according to a market source.

Pricing on the term loan B is Libor plus 600 basis points with a 1% Libor floor and it was sold at an original issue discount of 98. The debt has 101 soft call protection for one year.

During syndication, the spread on the term loan was increased from Libor plus 400 bps, the floor was changed from 0%, the discount widened from 99, the call protection was extended from six months and some revisions were made to documentation.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to refinance an existing bridge loan.

Playtika is a mobile gaming company.

Mirion sets guidance

Moving to the primary market, Mirion Technologies came out with original issue discount talk of 99.75 on its fungible $66 million add-on covenant-lite first-lien term loan B due March 2026 shortly before its afternoon lender call kicked off, a market source said.

The add-on term loan is priced at Libor plus 400 bps with a 0% Libor floor.

Commitments are due at 5 p.m. ET on Wednesday, the source said.

Morgan Stanley Senior Funding Inc. and HSBC Securities (USA) Inc. are leading the deal, which will be used to fund tuck-in acquisitions, for general corporate purposes and to pay related fees and expenses.

Mirion Technologies is a provider of radiation detection, measurement, analysis and monitoring products to nuclear power, medical, military, and homeland security markets.

Tank reveals talk

Tank Holding held its lender call in the morning and, before the event began, original issue discount talk in the range of 99.5 to 99.75 was announced on its proposed fungible $30 million add-on covenant-lite first-lien term loan B due March 2026, a market source remarked.

Pricing on the add-on term loan is Libor plus 400 bps with a 0% Libor floor.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to repay revolver borrowings and to pay related fees and expenses.

Tank Holding is a Lincoln, Neb.-based manufacturer of rotationally molded poly and welded steel bulk storage and material handling products.

Canister readies deal

Canister International Group set a bank meeting for 12:30 p.m. ET in New York on Wednesday to launch $525 million of credit facilities (B), according to a market source.

The facilities consist of an $80 million revolver, and a $445 million seven-year covenant-lite first-lien term loan talked with a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Dec. 17.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, BMO Capital Markets and Stifel are leading the deal that will be used to help fund the buyout of the company by Cerberus.

Canister is a designer and manufacturer of plastic and aluminum closures and capping equipment.

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