Delek frees to trade; Zayo term loan falls; Formula 1, Four Seasons, Ingenovis join calendar

By Sara Rosenberg

New York, Nov. 10 – Delek US Holdings Inc.’s term loan B made its way into the secondary market on Thursday, with levels quoted above its original issue discount, and Zayo Group Holdings Inc.’s term loan was softer with earnings news.

Delek’s $950 million seven-year covenant-lite term loan B (B1/BB+/BB+) freed to trade late in the day Thursday, with levels quoted at 96½ bid, 97¼ offered, according to a market source.

Pricing on the term loan is SOFR+10 basis points CSA plus 350 bps with a 0.5% floor and it was sold at an original issue discount of 96. The debt has 101 soft call protection for six months.

Meanwhile, in the primary market, Formula 1, Four Seasons Hotels and Resorts and Ingenovis Health Inc. joined the near-term new issue calendar with plans to launch new term loans.

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