Allied Universal, ERM, Upland Software, Corel, Hexion, Curium Pharma, Vast Broadband break

By Sara Rosenberg

New York, June 27 – Allied Universal Holdco LLC reduced the size of its funded first-lien term loan, finalized pricing and extended the call protection, and ERM set the issue price on its U.S. and euro first-lien term loans at the tight side of revised talk, and then both of these deals began trading on Thursday.

Allied Universal scaled back its funded seven-year covenant-lite first-lien term loan to $2.02 billion from a revised amount of $2.22 billion and an initial size of $2.52 billion, firmed pricing on the funded term loan and on the $200 million seven-year covenant-lite delayed-draw first-lien term loan at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, and extended the 101 soft call protection to one year from six months, according to a market source.

Also, before surfacing in the secondary market, Upland Software Inc. firmed pricing on its first-lien term loan at the low end of guidance and Corel Corp. finalized the original issue discount on its first-lien term loan at the wide end of revised talk.

Other deals to free up for trading during the session included Hexion Inc., Curium Pharma and Vast Broadband.

In more happenings, Circa Resort & Casino (18 Fremont Street Acquisition LLC) downsized its first-lien term loan and increased the Libor floor.

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