TierPoint frees up; Western Digital revises pricing; TruGreen Holdings sets price talk

By Sara Rosenberg

New York, March 29 – TierPoint allocated its fungible add-on first- and second-lien term loans on Tuesday, and the first-lien debt was bid right around its original issue discount upon entering the secondary market.

TierPoint’s $100 million add-on first-lien term loan (B2) was quoted at 98 bid, 99 offered, according to a trader.

Switching to the primary market, Western Digital Corp. increased pricing on its term loan B debt and widened the original issue discount, and TruGreen Holdings Inc. released price talk on its B loan with launch.

Western Digital raised pricing on its $4.2 billion seven-year covenant-light term loan B and $550 million equivalent euro-denominated seven-year covenant-light term loan B to Libor/Euribor plus 550 bps from talk of Libor/Euribor plus 450 bps to 475 bps and changed the original issue discount to 97 from 98.5, according to a market source.

TruGreen held its bank meeting on Tuesday, launching its $560 million term loan B with talk of Libor plus 575 bps with a 1% Libor floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, a market source said.

Furthermore, Alvogen emerged with an add-on term loan, and Premiere Global Services Inc., ERT (eResearchTechnology Inc.) and Pinnacle Entertainment (OpCo) all joined this week’s primary calendar.

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