ChampionX sets term loan B changes, frees to trade; Premise Health joins calendar

By Sara Rosenberg

New York, May 13 – ChampionX Corp. raised the spread on its term loan B, widened the original issue discount and made some changes to documentation, and then the debt hit the secondary market on Friday.

ChampionX lifted pricing on its $625 million seven-year term loan B (Ba2/BBB-) to SOFR+CSA plus 325 basis points from SOFR+CSA plus 300 bps and moved the original issue discount to 97.75 from 99, a market source remarked.

In addition, the 50 bps MFN on the term loan was set for life from having a 12-month sunset and a carve-out for non-syndicated loans was removed, and J. Crew was added, the source continued.

The term loan still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

In other news, Premise Health jumped onto the near-term primary calendar with plans for an incremental term loan.

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