Plaskolite breaks; Endurance retreats with Constant Contact acquisition; T-Mobile reworked

By Sara Rosenberg

New York, Nov. 2 – Plaskolite’s credit facility hit the secondary market on Monday, with the $312.5 million seven-year covenant-light first-lien term loan (B1/B+) quoted at 99½ bid, par offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 475 basis points with a step-down to Libor plus 450 bps when total net leverage is 5 times and a 1% Libor floor. The tranche has 101 soft call protection for one year and was issued at a discount of 99.

During syndication, the first-lien term loan was upsized from $305 million, pricing was finalized at the high end of the Libor plus 450 bps to 475 bps talk, the step-down was added, the call protection was extended from six months and the MFN sunset was removed.

The company’s $457.5 million credit facility also includes a $40 million five-year revolver (B1/B+) priced at Libor plus 450 bps with no floor and a $105 million privately placed second-lien term loan (Caa1/CCC+).

Endurance International Group Inc.’s term loan dropped to 98½ bid, 99¼ offered from 99 7/8 bid, par 1/8 offered with news of an acquisition that would result in additional debt.

Switching to the primary market, T-Mobile USA Inc. increased the size of its term loan B while reducing pricing, and Veritas Technologies Corp. and U.S. Renal Care Inc. released price talk with launch.

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