Fortrea frees up; Catalent up with earnings; EG Group, Heritage Grocers talk surfaces

By Sara Rosenberg

New York, June 12 – Fortrea lowered the spread on its term loan B, added a leverage-based pricing step-down and finalized the original issue discount at the tight end of guidance, and then the debt freed to trade on Monday.

Fortrea trimmed pricing on its $570 million seven-year term loan B to SOFR plus 375 basis points from talk in the range of SOFR plus 400 bps to 425 bps, added a 25 bps step-down at 3.2x first-lien net leverage and set the original issue discount at 98.5, the tight end of the 98 to 98.5 talk, according to a market source.

As before, the term loan B has a 0.5% floor and 101 soft call protection for six months.

In addition to the term loan B, the company’s $1.52 billion of credit facilities (Ba3/BB/BB+) include a $450 million revolver and a $500 million term loan A.

Also, in the secondary market, Catalent Inc.’s term loan headed higher after the company released third quarter earnings results.

Meanwhile, back in the primary market, EG Group and Heritage Grocers Group released price talk on their term loans in connection with their lender calls, and Ineos Enterprises Holdings Ltd. joined this week’s new issue calendar.

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