NXP reworks spread, discount; First Data shutting early; Ascensus, TeamHealth set meetings

By Sara Rosenberg

New York, Nov. 4 – In the primary market on Wednesday, NXP BV lowered pricing on its term loan and tightened the original issue discount as a result of strong demand, and First Data Corp. moved up the commitment deadline on its term loan debt.

NXP cut pricing on its $2.7 billion five-year term loan B (Ba1/BBB-) to Libor plus 300 basis points from Libor plus 325 bps and revised the original issue discount to 99.25 from 99, according to a market source, who said the 0.75% Libor floor and 101 soft call protection for six months were unchanged.

First Data accelerated the commitment deadline on its $750 million and €200 million of fungible tack-on term loan debt due July 2022 to 10 a.m. ET on Thursday from 3 p.m. ET on Thursday, according to a market source.

Also, Ascensus Inc. (JCF Ascensus Holdings Inc.) joined this week’s new issue calendar, and TeamHealth Inc. scheduled a bank meeting date for its proposed term loan B.

Ascensus scheduled a bank meeting for 10 a.m. ET in New York on Thursday to launch $425 million in term loan debt, split between a $400 million seven-year first-lien term loan and a $25 million delayed-draw term loan, a market source remarked.

TeamHealth emerged with plans to hold a bank meeting at 11 a.m. ET in New York on Thursday to launch its new term loan B, a market source said, adding that size and tenor have not officially been announced.

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