Parq Resort tweaks deal for a second time; Atlas Holdings pushes off term loan launch

By Sara Rosenberg

New York, Dec. 3 – Parq Resort & Casino (Parq Ltd. Holdings Partnership) on Wednesday increased the size of its term loan while updating the spread and original issue discount, and Atlas Holdings LLC postponed bringing its term loan B to market.

Also, Astoria Energy LLC, TASC Inc., Sage Products Holdings III LLC, Emdeon Inc., Capella Healthcare Inc., Oasis Outsourcing and Eyemart Express LLC released talk on their deals, and Caraustar Industries Inc. emerged with timing on its add-on term loan.

Early in Wednesday’s session, Parq Resort lifted its funded term loan to $220 million from $130 million while its delayed-draw term loan remained at $45 million, according to a market source. The $265 million of six-year senior secured term loan debt is being sold as a strip.

With the upsizing, the company raised pricing on the term debt to Libor plus 750 basis points from revised talk of Libor plus 675 bps, but, the spread is at the wide end of initial talk of Libor plus 700 bps to 750 bps, and the original issue discount was changed to 98 from revised talk of 98½, however, it ended up in line with initial talk of 98.

The term loans still have a 1% Libor floor and are non-callable for 2½ years, then at 101 for a year, and the delayed-draw loan still has a ticking fee of half the spread.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.