24-7 Intouch hits secondary market; Kettle Cuisine cuts first-lien loan spread

By Sara Rosenberg

New York, Aug. 20 – 24-7 Intouch finalized the spread on $245 million seven-year first-lien term loan (B2/B) on Monday at Libor plus 425 basis points, the wide end of the Libor plus 400 bps to 425 bps talk, adjusted the original issue discount to 98 from 99, and extended the 101 soft call protection to one year from six months, according to a market source.

As before, the term loan has a 0% Libor floor.

The company’s $370 million of senior secured credit facilities also include a $45 million revolver (B2/B) and an $80 million privately placed eight-year second-lien term loan (Caa2/CCC+).

In more happenings, Kettle Cuisine lowered pricing on its $240 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 375 bps from talk in the range of Libor plus 400 bps to 425 bps, a market source remarked.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $361.5 million of credit facilities also include a $50 million five-year revolver and a $71.5 million pre-placed second-lien term loan.

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