Informatica frees to trade atop OID; Alion Science joins primary calendar

By Sara Rosenberg

New York, July 10 – Informatica LLC saw its incremental second-lien term loan make its way into the secondary market on Friday, with levels quoted above its original issue discount.

The fungible $50 million incremental covenant-lite second-lien term loan due February 2025 began trading on Friday morning and was quoted at par ½ bid, 101½ offered, according to a market source.

Like the existing second-lien term loan, the incremental term loan is priced at a fixed rate of 7.125% and is non-callable until Feb. 25, 2021, then callable at 102 for a year and at 101 for a year. The incremental loan was sold at an original issue discount of 99.875.

During syndication, the discount on the incremental term loan was tightened from talk in the range of 99 to 99.5.

Nomura is the lead arranger on the deal.

In other news, Alion Science & Technology Corp. set a lender call for Monday to launch a $360 million four-year first-lien term loan (B1/BB-), a market source remarked.

UBS Investment Bank and KKR Capital Markets are leading the deal that will be used with cash on hand to refinance an existing first-lien term loan and mezzanine tranche.

The company is also getting a $40 million revolver (Ba1/BB), the source added.

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