Live Nation, Golden Nugget hit secondary; Patriot Rail, Stonepeak Lonestar revise deals

By Sara Rosenberg

New York, Oct. 11 – Live Nation Entertainment Inc. tightened the issue price on its term loan B and Golden Nugget LLC (Landry’s Inc.) adjusted the original issue discount on its incremental term loan B, and then both deals freed up for trading on Friday.

Specifically, Live Nation modified the original issue discount on its term loan B to 99.875 from talk in the range of 99.5 to 99.75, and left pricing at Libor plus 175 basis points with a 0% Libor floor. The term loan B still has 101 soft call protection for six months.

Recommitments for Live Nation’s term loan B were due at 1 p.m. ET on Friday and the debt began trading in the afternoon, with levels quoted at par bid, par ½ offered.

Golden Nugget changed the original issue discount on its incremental term loan B to 99.75 from 99.5.

The incremental loan is priced at Libor plus 275 bps with a 0.75% Libor floor, in line with existing term loan B pricing.

In more happenings, Patriot Rail & Ports widened the spread and original issue discount on its term loan, and extended the call protection, and Stonepeak Lonestar increased pricing and modified the issue price on its term loan.

Furthermore, Granite Energy LLC, Mediaocean LLC and Cole-Parmer Instrument Co. (Curie Merger Sub LLC) joined the near-term primary calendar.

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