Pilot Travel Centers breaks; Panda Hummel retranches, adjust pricing; Talen Energy pulled

By Sara Rosenberg

New York, Oct. 23 – Pilot Travel Centers LLC’s repriced term loan B made its way into the secondary market on Friday, with levels quoted above its issue price.

Pilot Travel Centers’ repriced term loan B had levels quoted at 100¼ bid, 100 5/8 offered, according to a trader.

Meanwhile, in the primary market, Panda Hummel downsized its funded term loan B, upsized its delayed-draw term loan and widened spreads and original issue discounts on the debt, Talen Energy Supply LLC withdrew its term loan B from market, and Truck Hero Inc. joined the near-term new issue calendar.

Panda Hummel cut its funded seven-year term loan B to $340 million from $380 million, lifted its delayed-draw seven-year term loan to $120 million from $75 million, raised pricing on the tranches to Libor plus 600 bps from talk of Libor plus 550 bps to 575 bps and moved the original issue discount on the debt to 96 from 99, according to a market source.

Talen Energy Supply removed its $400 million seven-year senior secured covenant-light term loan B from the market as a result of unfavorable conditions, a market source remarked.

Talk on the term loan had been Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

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