Key Safety gains on acquisition; Toys “R” Us trades higher; Mattress Firm revised again

By Sara Rosenberg

New York, Feb. 2 – Key Safety Systems’ term loan headed higher in trading on Tuesday with news that the company is being acquired by Ningbo Joyson Electronic Corp., and Toys “R” Us Inc.’s term loan B-4 strengthened with capital structure refinancing plans.

Key Safety’s term loan was quoted by one trader at 99½ bid, par offered, up from 96½ bid, 97½ offered, and by a second trader at 98¾ bid, 99½ offered.

Toys “R” Us’ term loan B-4 jumped to 80 bid, 83 offered from 77 bid, 79 offered, a trader remarked.

Moving to the primary market, Mattress Firm Holding Corp. downsized its incremental term loan and increased pricing for a second time, and Lago Resort & Casino LLC surfaced with new deal plans.

Mattress Firm cut its senior secured incremental first-lien term loan (Ba3/B+) due Oct. 20, 2021 to $665 million from $730 million and raised the spread to Libor plus 525 basis points from adjusted talk of Libor plus 500 bps and initial talk of Libor plus 450 bps to 475 bps, according to a market source.

Lago Resort & Casino set a bank meeting for 10 a.m. ET in New York on Wednesday to launch $325 million in term loans, split between a $240 million six-year first-lien term loan and an $85 million 6.5-year second-lien term loan, according to a market source.

© 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.