BellRing frees to trade; Patriot Rail moves deadline; HUB, Ontic disclose price guidance

By Sara Rosenberg

New York, Oct. 10 – BellRing Brands LLC, for a second time, changed the size of its first-lien term loan and the original issue discount, and then the debt broke for trading on Thursday above its issue price.

Specifically, BellRing modified the five-year term loan size to $700 million from a revised amount of $625 million and an initial amount of $820 million, and moved the original issue discount to 98 from revised talk of 97 and initial talk of 99.5.

The term loan is priced at Libor plus 500 basis points with a 1% Libor floor, and has 101 hard call protection for one year, amortization of 5% per annum and a 6x total net leverage maintenance covenant.

Recommitments for BellRing’s bank debt were due at 2 p.m. ET on Thursday and the term loan freed up for trading later in the day, with levels quoted at 98¼ bid, 99¼ offered.

In more happenings, Patriot Rail & Ports extended the commitment deadline for its credit facilities to 5 p.m. ET on Thursday from 5 p.m. ET on Wednesday because of the recent Yom Kippur holiday.

Also, HUB International Ltd. and Ontic (Bleriot US Bidco Inc.) released price talk with launch, and United Pacific joined the near-term primary calendar.

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