Exela Technologies, Power Products surface in secondary market

By Sara Rosenberg

New York, June 30 – Exela Technologies (Exela Intermediate LLC)’s credit facilities broke for trading on Friday, with the term loan B quoted above its original issue discount.

Also, Power Products LLC firmed the spread on its term loan at the high side of guidance and extended the call protection before making its way into the secondary market.

Exela starts trading

Exela’s credit facilities began trading on Friday, with the $350 million six-year term loan B quoted at 98¼ bid, 99¼ offered, according to a trader.

Pricing on the term loan B is Libor plus 750 basis points with a 1% Libor floor and it was sold at an original issue discount of 98. The debt has 101 soft call protection for one year.

During syndication, the term loan was downsized from $525 million, pricing was increased from revised talk of Libor plus 700 bps and initial talk of Libor plus 550 bps, the discount widened from 99, the call protection was extended from six months, amortization was lifted to 2.5% in years one and two and 5% per annum thereafter from 1% per annum, and the MFN sunset was removed.

The company’s $450 million of senior secured credit facilities (B3/B) also includes a $100 million revolver.

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