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MedAssets, Pinnacle Foods, 1-800 Contacts, Sarnova price talk surfaces
By Sara Rosenberg
New York, Jan. 6 – In the loan primary market on Wednesday, MedAssets Inc., Pinnacle Foods Inc., 1-800 Contacts Inc. (CNT Holdings III Corp.) and Sarnova Inc. all released price talk on their new deals in connection with their launches.
MedAssets hosted its bank meeting on Wednesday and released price talk on its first- and second-lien term loans, according to a market source.
The $1.13 billion 6.5-year first-lien covenant-light term loan (B2/B) is talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor.
And, the $500 million seven-year second-lien covenant-light term loan (Caa2/CCC+) is talked at Libor plus 950 bps with a 1% Libor floor.
Pinnacle Foods launched on its lender call a $550 million incremental term loan (Ba2/BB+) talked in the Libor plus 350-bps area with a 0.75% Libor floor.
1-800 Contacts held its bank meeting in the morning and, shortly before the event kicked off, talk on its $500 million seven-year first-lien term loan surfaced at Libor plus 450 bps to 475 bps with a 1% Libor floor, a market source remarked.
Sarnova launched on its lender call during the session a $215 million six-year first-lien term loan talked at Libor plus 475 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.
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