Eldorado breaks; Swift Energy pulls loan; Hostess, Alion, Consolidated Aerospace set talk

By Sara Rosenberg

New York, July 16 – Eldorado Resorts Inc. trimmed pricing on its term loan, and then the debt surfaced in the secondary market on Thursday afternoon with levels quoted above its original issue discount.

Eldorado lowered pricing on its $425 million term loan to Libor plus 325 basis points from talk of Libor plus 375 bps to 400 bps, while keeping the 1% Libor floor, original issue discount of 99.5 and 101 soft call protection for one year intact, according to a market source.

The company’s $575 million credit facility (Ba3/BB-) also includes a $150 million revolver.

With final terms in place, the debt freed up for trading on Thursday, and the term loan was seen quoted at 100¼ bid, 100¾ offered, a trader remarked.

In more happenings, Swift Energy Co. pulled its term loan from market, Hostess Brands LLC, Alion Science and Technology Corp. and Consolidated Aerospace Manufacturing LLC disclosed price talk with launch, V. Group came out with original issue discount guidance, and Avago Technologies Ltd. joined next week’s new issue calendar.

Avago set a bank meeting for 9:30 a.m. ET in New York on Wednesday to launch a $3.75 billion five-year credit facility.

In addition, Vistage launched its $165 million credit facility (B2/B) with a morning meeting, and asked lenders to get their commitments in by July 30, a source said.

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