Birch Communications, TeamViewer, TriNet break; Tensar, Iglo Foods updates surface

By Sara Rosenberg

New York, July 3 – Birch Communications Inc.’s credit facility made its way into the secondary market on Thursday with the term loan quoted above its original issue discount, and TeamViewer and TriNet HR Corp. freed up as well.

Moving to the primary market, Tensar increased the size of its first-lien term loan while finalizing the spread at the low end of talk and decreased the size of its second-lien term loan as pricing firmed at the wide end of talk, and Iglo Foods Midco Ltd. set pricing on its euro and sterling term loans at the tight end of revised guidance.

Birch Communications’ credit facility began trading on Thursday, with the $450 million six-year term loan quoted at 98¼ bid, 99¼ offered, according to a trader.

Pricing on the term loan is Libor plus 675 basis points with a 1% Libor floor and it was sold at an original issue discount of 98. There is 101 soft call protection for one year.

During syndication, pricing on the term loan was increased from talk of Libor plus 550 bps to 575 bps and the discount widened from 99.

The company’s $500 million senior secured credit facility (B3/B) also includes a $50 million five-year revolver.

Jefferies Finance LLC and PNC Capital Markets LLC are leading the deal that will be used to help fund the acquisition of Cbeyond Inc. for about $10 per share in cash, or around $323 million.

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