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Windstream exit term loan breaks atop OID; PLZ Aeroscience, AmeriLife on deck
By Sara Rosenberg
New York, Aug. 11 – Windstream Holdings Inc. extended the 101 soft call protection on its $750 million exit financing seven-year term loan B (B3) to one year from six months, added a ticking fee of the full spread after Aug. 25 and removed pricing step-downs, according to a market source.
Also, the MFN sunset was changed to 18 months from six months, the source said.
Pricing on the term loan remained at Libor plus 625 basis points with a 1% Libor floor and an original issue discount of 96.
On Tuesday, Windstream’s term loan began trading, with levels quoted at 96¼ bid, 97¼ offered, another source added.
In other news, PLZ Aeroscience Corp. set a lender call for Thursday to launch $385 million of incremental bank debt, split between a $25 million incremental revolver and a non-fungible $360 million incremental term loan due Aug. 2, 2026.
And, AmeriLife Holdings LLC scheduled a lender call for 9:30 a.m. ET on Wednesday to launch a fungible $80 million incremental covenant-lite first-lien term loan due March 18, 2027.
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