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PS Logistics, Mister Car Wash, LegalShield free up; Utopia Pipeline shops incremental loan
By Sara Rosenberg
New York, March 27 – PS Logistics set the original issue discount on its $45 million incremental term loan at the wide end of guidance and added call protection, and Mister Car Wash Holdings Inc. increased the size of its incremental first-lien term loan to $60 million, and then both of these deals broke for trading on Wednesday.
PS Logistics’ loan was quoted at 99 5/8 bid, 100 1/8 offered, a source said.
Mister Car Wash’s loan was seen at 99½ bid, par offered, a source added.
LegalShield’s fungible $175.4 million add-on first-lien term loan due May 1, 2025 began trading too, with levels quoted at 98 7/8 bid, 99¼ offered, a trader remarked.
In more happenings, Utopia Pipeline (Riverstone Utopia Member LLC) approached lenders with an incremental term loan B and amendment, and Ultimate Software Group Inc., Trade Me Group Ltd. (Titan Acquisitionco New Zealand) and MW Industries Inc. joined this week’s primary calendar.
Ultimate Software set a bank meeting for Thursday to launch $2,575,000,000 of first-lien credit facilities.
Trade Me Group scheduled a bank meeting for Thursday to launch a $575 million seven-year covenant-lite first-lien term loan.
MW Industries will hold a lender call on Thursday to launch a $50 million incremental first-lien term loan.
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