Montreign firms issue price; Affinity, Univar launch; primary calendar continues to build

By Sara Rosenberg

New York, Jan. 6 – Montreign Operating Co. LLC finalized the issue price on its fungible $25 million incremental first-lien term loan at par, the tight end of the 99.5 to par talk, and then the debt allocated on Friday.

The incremental loan is priced at Libor plus 825 basis points with a 1% Libor floor. It is non-callable for 2.5 years, then at 102 for a year and 101 for a year.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to shift funds from the company’s furniture, fixtures and equipment financing to term loan B debt.

Also on Friday, Affinity Gaming and Univar Inc. approached lenders with repricing transactions.

Affinity hosted a lender call to launch a $328.5 million covenant-light first-lien term loan due July 1, 2023 that is talked at Libor plus 350 bps with a 1% Libor floor and 101 soft call protection for six months, a market source remarked.

Univar launched with a lender call a repricing of its $2,024,000,000 term loan B talked at Libor plus 275 bps to 300 bps with no Libor floor.

Furthermore, Avolon, Columbus McKinnon Corp., SBA Senior Finance II LLC, Realogy Holdings Corp., Penn National Gaming Inc., Tibco Software Inc., FleetCor Technologies Inc. and Summit Materials LLC joined the near-term primary calendar, and some more details on American Bath Group LLC’s proposed incremental loans surfaced.

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