Berry Global, Horizon Therapeutics term loans free to trade atop issue prices

By Sara Rosenberg

New York, Dec. 16 – Berry Global Group Inc.’s term loan Y made its way into the secondary market on Monday and was seen trading above its original issue discount, and Horizon Therapeutics USA Inc.’s term loan freed up as well.

Berry Global Group’s $4.25 billion term loan Y (Ba2/BBB-) due July 2026 freed to trade with levels quoted at par 3/8 bid, par ¾ offered, according to a market source.

Pricing on the term loan Y is Libor plus 200 basis points with a 0% Libor floor and it was sold at an original issue discount of 99.875. The loan has 101 soft call protection for six months.

Horizon Therapeutics’ $418 million senior secured covenant-lite term loan B (Ba1/BB+) due May 22, 2026 began trading with levels quoted at par ½ bid, 101 offered, a market source remarked.

Pricing on the term loan B is Libor plus 225 bps with a 25 bps step-down when total net leverage is 2x, with cash netting capped at $50 million, and a 0% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

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