Reece tweaks loan; Shutterfly, Vungle reveal price guidance; primary calendar builds

By Sara Rosenberg

New York, Sept. 6 – On Friday, Reece Group modified the original issue discount on its add-on term loan, and Shutterfly Inc. and Vungle Inc. released price talk on their term loans in connection with their bank meetings.

Reece Group adjusted the original issue discount on its fungible $95 million add-on term loan to 99.875 from talk in the range of 99.5 to 99.75, a market source remarked. The term loan is priced at Libor plus 200 basis points with a 0% Libor floor, and has 101 soft call protection for six months.

Shutterfly held its bank meeting in the morning and announced talk on its $1.285 billion first-lien term loan B at Libor plus 525 bps with a 0% Libor floor, an original issue discount of 98 to 99 and 101 soft call protection for six months.

Vungle came out with talk of Libor plus 450 bps to 475 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $350 million seven-year covenant-lite first-lien term loan B that launched with a presentation in the morning, a market source said.

Also, Inmarsat plc, Edgewell Personal Care Co., ON Semiconductor Corp., Advanced Drainage Systems Inc., Ascensus Specialties LLC, Axiom Global Inc. and Argus Media joined the near-term primary calendar.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.