Hamilton, Internet Brands break; JetBlue revises timing; OneDigital, HelpSystems set talk

By Sara Rosenberg

New York, June 11 – Hamilton Projects Acquiror LLC’s credit facilities began trading on Thursday, with the $900 million seven-year first-lien term loan B quoted at 97¼ bid, 97¾ offered, according to a trader.

Pricing on the term loan is Libor plus 475 basis points with a 1% Libor floor and it was sold at an original issue discount of 97. The debt has 101 soft call protection for one year, amortization of 1% per annum, a 1.1x debt service coverage ratio, a six months debt service reserve account, and a cash sweep of the greater of 75% and the amount necessary to achieve a target debt balance, stepping down to 50% at a net leverage ratio of 3x.

During syndication, pricing on the term loan was lowered from Libor plus 500 bps and the discount firmed at the tight end of the 96 to 97 talk.

Another deal to free to trade during market hours was Internet Brands Inc.’s incremental first-lien term loan following an acceleration of the commitment deadline.

In other news, JetBlue Airways Corp. moved up the commitment deadline for its term loan B, OneDigital released price talk on its term loan with launch, and HelpSystems (HS Purchaser LLC) disclosed original issue discount guidance on its incremental term loan.

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