SiteOne add-on loan frees to trade; Galderma rises with upgrade, general market strength

By Sara Rosenberg

New York, July 7 – SiteOne Landscape Supply Holding LLC’s add-on term loan made its way into the secondary market on Friday, with levels quoted above its original issue discount.

SiteOne Landscape Supply’s fungible $120 million add-on term loan freed to trade on Friday, with levels quoted at 99½ bid, par ¼ offered, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 200 basis points with a 0.5% floor, and it was sold at an original issue discount of 99.03. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Also, Galderma’s first-lien term loan inched higher in trading as the company’s corporate family and senior secured credit facilities ratings were upgraded by Moody’s Investors Service, and the market in general was stronger.

Meanwhile, in the primary market, Ontic (Bleriot US Bidco Inc.) joined the near-term new issue calendar with an amendment and extension, and incremental term loan transaction.

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