Caesars, OneDigital update loan terms, break for trading; Meredith, Ingersoll on deck

By Sara Rosenberg

New York, June 17 – Caesars Resort Collection LLC increased the size of its first-lien term loan and revised the original issue discount before freeing up for trading on Friday.

The company raised its five-year covenant-lite first-lien term loan (B1/B+) to $1.8 billion from $1.47 billion and changed the original issue discount to 97 from 96, according to a market source.

As before, the term loan is priced at Libor plus 450 basis points with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 10:30 a.m. ET on Friday, the source added.

Also, OneDigital set the original issue discount on its non-fungible $75 million incremental first-lien term loan (B) at 97, the wide end of the 97 to 98 talk, a market source remarked.

Pricing on the term loan remained at Libor plus 475 bps with a 1% Libor floor, and the debt still has 101 soft call protection for one year.

On Friday, the incremental term loan began trading and levels were quoted at 97¼ bid, 97¾ offered, another source added.

And, in more happenings, Meredith Corp. and Ingersoll Rand Inc. joined the near-term loan calendar.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.