Cengage breaks; Cloud Software, Kestra changes emerge; Quikrete, EPIC, Aramark set talk

By Sara Rosenberg

New York, March 18 – Cengage Learning Inc.’s first-lien term loan B made its way into the secondary market on Monday with levels quoted above its original issue discount.

In more happenings, Cloud Software Group Inc. (Picard Parent Inc.) modified the original issue discount on its first-lien term loan B, and Kestra Advisor Services Holdings A Inc. increased the size of its first-lien term loan, trimmed the spread and firmed the original issue discount at the tight end of guidance.

Also, Quikrete Holdings Inc., EPIC Y-Grade Services LP, Aramark Services Inc., RelaDyne Inc. and Hillman Group Inc. released price talk with launch.

Furthermore, Swissport, NorthRiver Midstream, Crystal Clean (JFL-Tiger Acquisition Co. Inc.) and Ultra Clean Holdings Inc. joined this week’s new issue calendar.

Cengage’s $1.645 billion senior secured covenant-lite first-lien term loan B due March 2031 (B2/B) broke for trading on Monday, with levels quoted at 99½ bid, par offered on the open and then levels moved up to 99¾ bid, par ¼ offered, a trader said.

Pricing on the term loan is SOFR plus 425 basis points with a 1% floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

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