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California Resources, HCA, PrimeSource Building free to trade; WCA Waste revises deal
By Sara Rosenberg
New York, Aug. 5 – California Resources Corp. increased the size of its first-lien second-out term loan, trimmed the spread and then broke for trading on Friday, and deals from HCA Inc. and PrimeSource Building Products (PriSo Acquisition Corp.) emerged in the secondary as well.
California Resources raised its first-lien second-out term loan due Dec. 31, 2021 to $1 billion from $700 million and cut pricing to Libor plus 1,037.5 basis points from Libor plus 1,050 bps, while keeping the 1% Libor floor and original issue discount of 99 unchanged, according to a market source.
With final terms in place, California Resources’ term loan was quoted at 100 3/8 bid, 100 7/8 offered, a trader remarked.
HCA’s $1.2 billion 7.5-year term loan B-7 (Ba1/BBB-/BB+) was quoted at 100 1/8 bid, 100 3/8 offered, a trader remarked.
PrimeSource’s fungible $75 million add-on term loan B (B2/B) due May 8, 2022 broke for trading too, with levels seen at 99¼ bid, 99¾ offered, a trader said.
In more happenings, WCA Waste Corp. modified the original issue discount on its term loan B, and Compass Diversified Holdings released talk on its incremental loan with launch.
Also, Dollar Tree Inc. came to market with an add-on term loan A, and ESH Hospitality Inc., Dayton Power and Light Co. and Macom Technology Solutions Holdings Inc. joined the near-term calendar.
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