TPF II prices upsized term loan; BBB Industries sets terms; LCDX finishes session unchanged

By Paul A. Harris

Portland, Ore., Sept. 24 – TPF II priced its upsized $1.6 billion Libor plus 450 basis points seven-year term loan B at 99.25, and BBB Industries set pricing on $395 million of term loans.

According to a market source, pricing of Libor plus 450 bps for the TPF II loan was at the low end of the Libor plus 450 bps to 475 bps talk.

The LCDX22 index of bank loan credit default swaps finished the Wednesday session unchanged at 103½ bid, 104 offered, according to a head fund manager.

The original issue discount on the TPF II term loan B firmed at 99¼, the midpoint of the 99 to 99½ talk, a market source said.

The term loan B, which was upsized from $1.5 billion, has a 1% Libor floor and a 101 soft call protection for one year.

The company’s $1.69 billion senior secured credit facility also includes a $90 million five-year revolver.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA and MUFG Union Bank are the lead banks on the deal.

Proceeds will be used to repay existing debt at TPF II LC LLC, TPF II Rolling Hills LLC and Astoria Generating Co. Acquisitions LLC, to fund a distribution to the equity holders and to fund a debt service reserve account.

Closing is expected in the week of Sept. 29.

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