eResearchTechnology, Upland Software, USI free to trade; Level 3 update emerges

By Sara Rosenberg

New York, Nov. 20 – eResearchTechnology Inc. finalized the spread on its first-lien term loan at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, modified the Libor floor to 1% from 0% and made some changes to documentation, and the debt broke for trading on Wednesday above its original issue discount with levels quoted at 99¼ bid.

Some other deals surfaced in the secondary market during the session as well, including Upland Software Inc. and USI Inc.

Upland’s fungible $190 million incremental covenant-lite first-lien term loan due August 2026 began trading with levels quoted at 99 bid, 99½ offered.

Pricing is Libor plus 375 bps with a 0% Libor floor, in line with existing term loan pricing, and it was sold at an original issue discount of 98.5.

USI’s non-fungible $550 million seven-year incremental covenant-lite term loan B (B) broke with levels seen at 99¾ bid, par ¼ offered.

Pricing is Libor plus 400 bps with a 0% Libor floor and it was sold at an original issue discount of 99.5.

And, in other news, Level 3 Financing set pricing on its term loan at the low end of guidance, and One Sky Flight LLC and Hyperion Insurance Group Ltd. disclosed price talk on their term loans with launch.

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