PetSmart, TransDigm, Arcade/Bioplan break; Aria, Ranpak update deals; CHG tweaks deadline

By Sara Rosenberg

New York, May 13 – PetSmart Inc.’s repriced term loan B freed up for trading during Wednesday’s market hours, with levels seen above par, and TransDigm Inc. and Arcade Marketing/Bioplan emerged in the secondary market as well.

Meanwhile, in the primary market, Aria Energy Operating LLC trimmed pricing on its term loan B, Ranpak Corp. finalized the spread on its euro term loan at the low end of guidance and CHG Healthcare Services Inc. moved up the commitment deadline on its add-on term loan.

Also, LegalShield (Pre-Paid Legal Services Inc.) disclosed price talk with its launch and Valeant Pharmaceuticals International Inc., ClubCorp, Varsity Brands Inc. and Connolly Inc. joined this week’s calendar.

PetSmart frees up

PetSmart’s $4.3 billion senior secured covenant-light term loan B due March 10, 2022 hit the secondary market on Wednesday, with levels quoted at par 1/8 bid, par 3/8 offered, according to a trader.

Pricing on the loan is Libor plus 325 basis points, after flexing during syndication from Libor plus 300 bps. The debt has a 1% Libor floor and 101 soft call protection for one year, and was issued at par.

Citibank is the administrative agent on the deal that will be used to reprice an existing term loan B from Libor plus 400 bps with a 1% Libor floor.

With the repricing, existing lenders are being paid out at 101 due to current call protection.

Closing is expected on Friday.

PetSmart is a Phoenix-based specialty pet retailer.

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