Ortho Clinical Diagnostics allocates; BJ's sets talk; MagicLab upsizes, tightens

By Paul A. Harris

Portland, Ore., Jan. 17 – In Friday's primary market, Ortho-Clinical Diagnostics finalized pricing on its €337 million ($375 million equivalent) senior secured term loan.

BJ's Wholesale Club Inc. set talk in the repricing of its $1,319,000,000 first-lien term loan due Feb. 3, 2024.

And, MagicLab upsized its seven-year covenant-lite senior secured term loan B (B1/B+/BB) to $550 million from $500 million.

Ortho-Clinical firms pricing

Ortho-Clinical Diagnostics finalized pricing on its €337 million ($375 million equivalent) senior secured term loan B with a 350 basis points spread to Euribor at par.

The deal allocated on Friday.

The spread comes inside of the 375 to 400 bps talk.

Discount talk was 99.5, widened from earlier talk of 99 to 99.5.

BJ’s sets talk

BJ's Wholesale set talk in the repricing of its $1,319,000,000 first-lien term loan due Feb. 3, 2024.

The deal is talked with a 225 bps spread to Libor at par, with a stepdown to 200 bps effective no earlier than six months after closing and subject to senior secured facility ratings of Ba3 from Moody's Investors Service and BB from S&P.

Commitments are due at noon ET on Jan. 24.

MagicLab upsizes

MagicLab upsized its seven-year covenant-lite senior secured term loan B (B1/B+/BB) to $550 million from $500 million, according to a market source.

Talk tightened to Libor plus 300 to 325 bps from 375 to 400 bps.

The discount was trimmed, with pricing increased to 99.75, up from previous talk of 99.

The deal retains a 0% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Timing is moved ahead. Commitments are due at 5 p.m. ET on Wednesday. Books had previously been scheduled to remain open until Friday.

First Eagle allocates

First Eagle Investment Management LLC priced a total of $1.9 billion of term loan B debt (Ba2) on Friday, whereupon the deal allocated.

The debt, which includes a $300 million add-on, comes with a 250 bps spread to Libor, flexed from 275 bps, at 99.875, cheap to the 99.5 to 9.75 discount talk.

Eastern Power sets terms

Eastern Power LLC finalized terms on the amendment and extension of its $1,218,245,767 first-lien term loan B, according to a market source.

The maturity extends by two years to Oct. 2, 2025.

The spread remains at Libor plus 375 bps with a 1% Libor floor.

Jefferies sets terms

Jefferies Finance LLC set out terms on a repricing of its $746.25 million repriced first-lien term loan due June 2026.

With the maturity of the deal unchanged, pricing specifies a 325 bps spread to Libor with one 25 bps leverage based stepdown, at par. There is a 0% Libor floor. The 101 soft call protection resets to six months.

Commitments are due at 3 p.m. ET Wednesday.

Deals launching

Sirius Computer Solutions Inc. plans to launch a repricing of the SCS Holdings I Inc. $746 million first-lien term loan due July 2026 (Ba3/B) on a Tuesday lender call.

Repricing talk has the spread coming at Libor plus 325 to 350 bps from the present 425 bps. The issue price is par. The 0% Libor floor and 1% annual amortization are unchanged.

Commitments will be due Jan. 27.

Atlantic Power Corp. plans to participate in a lender call at 11 a.m. ET on Tuesday for a $380 million term loan B.

© 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.