Ancestry term loan frees to trade; WS Audiology breaks following structural tweaks

By Sara Rosenberg

New York, Aug. 22 – Ancestry.com Operations Inc.’s new seven-year term loan B made its way into the secondary market on Thursday and was seen bid in line with its original issue discount.

Also, WS Audiology (Auris Luxembourg III SA) reduced the size of its add-on term loan B-2 and added a pre-placed euro add-on term loan B-1 to its transaction, and then broke for trading in the afternoon.

Ancestry’s $1,384,829,692 seven-year covenant-lite term loan B (B2/B) began trading on Thursday, with levels quoted at 99 bid, 99˝ offered, according to a trader.

Pricing on the seven-year term loan is Libor plus 425 basis points with a step-down and a 0% Libor floor. The debt was sold at an original issue discount of 99 and has 101 soft call protection for six months.

WS Audiology trimmed its add-on senior secured covenant-lite term loan B-2 due February 2026 to $75 million from $100 million and will now get a €67.5 million pre-placed add-on term loan B-1 due February 2026 as part of this transaction, a market source remarked.

Late in the session, WS Audiology’s add-on term loan B-2 broke for trading and levels were quoted at 98˝ bid, 99 offered, another source added.

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