CityCenter, Key Safety break; Styrolution, Onsite, ALM Media, Ferro, Capsugel tweak deals

By Sara Rosenberg

New York, July 25 – CityCenter Holdings LLC and Key Safety Systems Inc. made their way into the secondary market on Friday, and Gemini HDPE LLC’s term loan was a bit stronger from its recent break levels.

Moving to the primary, Styrolution lifted price talk on its U.S. and euro term loan B debt and modified the original issue discount, and Onsite Rental Group downsized its term loan while widening the spread and offer price and extending the call premium.

Also, ALM Media Holdings Inc. raised the spread on its first-lien term loan and adjusted the call protection, Ferro Corp. firmed pricing on its term loan B at the low end of talk, cut the Libor floor and extended the call protection, and Capsugel FinanceCo SCA reverse flexed pricing on its term loan.

Furthermore, Albertson’s Holdings LLC (Safeway Acquisition Merger Sub Inc.), Terex Corp., Visant Corp., U.S. TelePacific Corp., HCP Global Ltd. and Amtek Global Technologies Pte. Ltd. joined the near-term calendar.

CityCenter’s $1,546,000,000 covenant-light term loan B due October 2020 began trading on Friday, with levels quoted at par ¼ bid, par ½ offered, according to a trader.

Pricing on the loan is Libor plus 325 basis points with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for one year that was extended during syndication from six months.

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