Octave Music, Invenergy free to trade; Vistage lifts loan size; Service Logic sets talk

By Sara Rosenberg

New York, Feb. 26 – Octave Music Group Inc. and Invenergy Thermal Operating I LLC firmed pricing on their term loans at the wide end of guidance, and then both of these deals made their way into the secondary market on Wednesday.

Octave set pricing on its $290 million term loan (B2/B) at Libor plus 525 basis points, the high end of the Libor plus 500 bps to 525 bps talk. As before, the term loan has a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months. The term loan made its way into the secondary market and was quoted at 99 bid, 99¾ offered.

Invenergy finalized pricing on its roughly $390 million first-lien term loan due August 2025 at Libor plus 300 bps, the wide side of the Libor plus 275 bps to 300 bps talk. The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months. During the session, the term loan broke for trading and was quoted at par 1/8 bid, par ½ offered.

In more happenings, Vistage International Inc. increased the size of its add-on first-lien term loan and accelerated the commitment deadline, Service Logic released price talk with launch, and Science Applications International Corp. joined this week’s primary calendar.

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