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Hornblower frees to trade; Innovative XCessories bid at OID; Kissner accelerates timing
By Sara Rosenberg
New York, Feb. 28 – Hornblower Holdings finalized the original issue discount on its incremental first-lien term loan at the middle of guidance and then broke for trading on Friday.
Specifically, the original issue discount on its fungible $25 million incremental first-lien term loan due April 2025 was firmed at 99.75, the midpoint of the 99.5 to par talk, according to a market source.
The incremental term loan is priced at Libor plus 450 basis points with a 1% Libor floor, which matches existing first-lien term loan pricing.
During the session, the incremental first-lien term loan began trading and levels were quoted at par bid, par ¼ offered, the source added.
Also, Innovative XCessories & Services LLC (IXS Holding Inc.) was quoted in the secondary market in the morning following allocations late Thursday, and the debt was bid in line with its original issue discount price.
Furthermore, Kissner Group Holdings LP (SCIH Salt Holdings Inc.) moved up the commitment deadline for its first-lien term loan B.
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