Skillsoft breaks; TPF, Aristocrat Leisure, Berlin Packaging, Vestcom, Delachaux revise deals

By Sara Rosenberg

New York, Sept. 23 – Skillsoft Ltd.’s incremental term loans emerged in the secondary market on Tuesday with both the first- and second-lien debt bid right around their original issue discounts.

Switching to the primary, TPF II upsized its term loan B, firmed pricing at the low end of talk and set the offer price in the middle of guidance, and Aristocrat Leisure Ltd. widened the spread, Libor floor and original issue discount on its term loan.

Furthermore, Berlin Packaging LLC adjusted price talk and offer prices, Vestcom revised its tranche sizes and tightened pricing on its first- and second-lien term loans, Delachaux set the breakdown of its term loan B tranche sizes, and updated pricing and original issue discounts.

In addition, Omnitracs LLC launched add-on term loans to investors, American Airlines Inc. surfaced with timing on its credit facility, and Samchully Midstream joined this week’s calendar.

Skillsoft’s bank debt began trading on Tuesday, with the $465 million incremental first-lien term loan due April 28, 2021 quoted at 98 bid, 98½ offered and the $185 million incremental second-lien term loan due April 28, 2022 quoted at 97 ½ bid, 98 offered, according to a trader.

Pricing on the incremental first-lien term loan is Libor plus 475 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.

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