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PDC Brands changes surface; Kymera International, Blount announce price guidance
By Sara Rosenberg
New York, Sept. 13 – In the primary market on Thursday, PDC Brands (Parfums Holding Co. Inc.) widened the spread on its term loan B repricing and modified the condition for a pricing step-down.
The company raised pricing on its $559 million term loan B due June 30, 2024 to Libor plus 425 basis points from Libor plus 400 bps and changed the step-down to Libor plus 400 bps at 5.85 times total net leverage from Libor plus 375 bps at 6.1 times total net leverage, a market source said.
As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.
Recommitments are due at 10 a.m. ET on Friday, with allocations targeted for Monday, the source added.
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