US LBM frees to trade; KIK Custom Products modifies loan; Townsquare moves up deadline

By Sara Rosenberg

New York, Aug. 19 – US LBM Holdings LLC’s credit facility emerged in the secondary market on Wednesday, with the first- and second-lien term loans bid in line with their original issue discounts.

US LBM’s $656.5 million seven-year first-lien covenant-light term loan (B3/B+) was quoted at 98 bid, 98½ offered, and its $154.5 million eight-year second-lien covenant-light term loan (Caa2/B-) was quoted at 96 bid, 97 offered, according to a trader.

Moving to the primary market, KIK Custom Products Inc. raised pricing on its term loan, widened the issue price and extended the call protection, and Townsquare Media Inc. accelerated the commitment deadline on its add-on term loan.

KIK Custom Products raised pricing on its $850 million seven-year senior secured covenant-light term loan (B2/B-) to Libor plus 500 bps from talk of Libor plus 450 bps to 475 bps, moved the original issue discount to 97.5 from 99 and pushed out the 101 soft call protection to one year from six months, a market source said.

Furthermore, Blue Bird Body Co. pulled its repricing transaction from market, and Anaren Inc. disclosed original issue discount guidance on its add-on term loan that launched during the session.

In other news, Albany Molecular Research Inc. completed its $230 million amended and restated credit facility (B1/B+), according to an 8-K filed with the Securities and Exchange Commission.

The facility includes a $30 million five-year revolver and a $200 million six-year term loan B.

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