Chesapeake updated; AmWINS revises timing; Applied Systems, Hostess, Liaison set talk

By Sara Rosenberg

New York, Dec. 9 – Chesapeake Energy Corp. firmed the original issue discount on its first-lien last-out term loan at the tight end of talk, and AmWINS Group Inc. accelerated the commitment deadline for its add-on first-lien term loan.

Specifically, Chesapeake finalized the original issue discount on its $1.5 billion 4.5-year secured first-lien last-out term loan (B3/B-) at 98, the narrow end of the 97 to 98 guidance. As before, the term loan is priced at Libor plus 800 basis points with a 1% Libor floor, and is non-callable for 1.5 years, then at 105 and then at 102.5.

AmWINS changed the commitment deadline for its fungible $250 million add-on first-lien term loan B (Ba3/B+) due Jan. 25, 2024 and the consent deadline for its credit agreement amendment to 5 p.m. ET on Wednesday from 5p.m. ET on Thursday.

Pricing on AmWINS’ add-on term loan is Libor plus 275 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount of 99.05.

In more happenings, Applied Systems Inc. and Hostess Brands LLC disclosed price guidance with launch, Liaison (LI Group Holdings Inc.) released official price talk on its in-market term loan, and Calpine Corp. joined this week’s primary calendar.

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