Tech Data, Carnival, Neenah free to trade; thyssenkrupp Elevator accelerates deadline

By Sara Rosenberg

New York, June 26 – Tech Data Corp. upsized its five-year covenant-lite ABL term loan to $1.7 billion from $1.5 billion, and left pricing at Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 98.5, according to a market source.

The company downsized its five-year covenant-lite FILO ABL term loan to $370 million from $500 million and finalized the original issue discount at 96, the wide end of the 96 to 97 talk. This tranche remained priced at Libor plus 550 bps with a 0% Libor floor.

The five-year ABL revolver was downsized to $2.8 billion from $3 billion.

Recommitments for the now $4.87 billion of credit facilities were due at 3:30 p.m. ET on Friday, the source continued.

On Friday afternoon, Tech Data’s bank debt allocated and broke for trading, with the ABL term loan quoted at 98 7/8 bid, 99 3/8 offered and the FILO term loan quoted at 96 bid, 97 offered.

Carnival Corp. increased the size of its U.S. and euro term loan B and widened the spread, and Neenah Inc. reduced pricing on its term loan B and finalized the original issue discount at the tight end of talk, and then both of these deals broke for trading as well.

Also, thyssenkrupp Elevator moved up the commitment deadline for its term loan B.

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