Sensata Technologies revises deal; Advanced Drainage moves up commitment deadline

By Sara Rosenberg

New York, Sept. 17 – In the primary market on Tuesday, Sensata Technologies Inc. tightened the issue price on its amended and extended term loan B, and Advanced Drainage Systems Inc. accelerated the commitment deadline for its term loan B.

Also, ION Corporates, APi Group Inc., Guidehouse, Monotype Imaging Holdings Inc., Excel Fitness Holdings Inc., Hostess Brands LLC and QualTek USA LLC all announced price talk with launch.

In its deal, Sensata Technologies modified the issue price on its amended and extended seven-year covenant-lite senior secured term loan B to par from talk in the range of 99.5 to 99.75, according to a market source.

As before, the term loan is priced at Libor plus 175 basis points with a 0% Libor floor and has 101 soft call protection for six months.

The term loan B is currently sized at roughly $913 million but is expected to be paid down to $472 million with proceeds from a recently priced $450 million senior notes offering.

Recommitments were due at 5 p.m. ET on Tuesday and allocations are targeted for Wednesday.

Separately, Advanced Drainage moved up the commitment deadline for its $700 million seven-year first-lien term loan B to 5 p.m. ET on Tuesday from 5 p.m. ET on Thursday, a market source said.

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