SBA, Block Communications, Pregis break; Hyland Software, Dollar Tree, Lindblad tweak deals

By Sara Rosenberg

New York, June 8 – SBA Senior Finance II, Block Communications Inc. and Pregis Corp. NA firmed pricing terms on their new deals, and then all three companies saw their debt free up for trading on Monday.

In other happenings, Hyland Software Inc. moved some funds between its first- and second-lien term loans, tightened the spread and issue price on the second-lien debt and added a leverage-based pricing step-down to the first-lien debt.

Specifically, Hyland increased its seven-year first-lien term loan to $625 million from $600 million and reduced its eight-year second-lien term loan to $155 million from $180 million.

Also, Dollar Tree Inc. downsized its seven-year term loan B to $3.3 billion from $3.45 billion and firmed the issue price at par. It also upsized its fixed-rate term loan to $650 million from $500 million.

Lindblad Expeditions Inc. revised price talk on its term loan at its bank meeting, with price talk of Libor plus 500 bps on its $150 million seven-year first-lien term loan. Prior to the meeting, the loan was guided at Libor plus 550 bps, but talk tightened due to strong early demand.

Furthermore, Cengage Learning Acquisitions Inc. and Mauser Group released talk with launch, and Cirque du Soleil, Jack’s Family Restaurants, Alliance HealthCare Services Inc., Ravn Alaska and Kendra Scott Designs joined this week’s new-deal calendar.

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