Canister International Group, Refinitiv firm up loan deal terms, free to trade

By Sara Rosenberg

New York, Dec. 18 – Canister International Group Inc. lowered the spread and tightened the original issue discount on its first-lien term loan, and then the debt made its way into the secondary market during Wednesday’s market hours.

Pricing was trimmed on the $445 million seven-year covenant-lite first-lien term loan to Libor plus 475 basis points from talk in the range of Libor plus 500 bps to 525 bps, and the company changed the original issue discount to 99 from 98.5, according to a market source.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

The company’s $525 million of credit facilities (B2/B) also include an $80 million revolver.

Additionally, Refinitiv finalized pricing on its term loan B at the low end of guidance before freeing up for trading at par-plus levels.

Refinitiv set the spread on its $6,451,000,000 covenant-lite term loan B at Libor plus 325 bps, the tight end of the Libor plus 325 bps to 350 bps talk, a market source remarked.

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