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Milano Acquisition frees to trade atop OID; Pike shops new term loan B
By Sara Rosenberg
New York, Aug. 17 – Milano Acquisition Corp. finalized the original issue discount on its first-lien term loan B at the tight side of revised guidance and then the debt made its way into the secondary market on Monday.
Specifically, Milano set the original issue discount on its $2.4 billion seven-year covenant-lite first-lien term loan B (B2/B+) at 99, versus revised talk in the range of 98.5 to 99 and initial talk of 98, a market source remarked.
As before, the first-lien term loan is priced at Libor plus 400 basis points with a 0.75% Libor floor and has 101 soft call protection for six months.
After terms firmed up on Monday, Milano Acquisition’s first-lien term loan B began trading and levels were quoted at 99¼ bid, 99½ offered, the source added.
In other happenings, Pike Corp. emerged in the morning with plans to host a lender call at 1 p.m. ET to launch a $336 million covenant-lite first-lien term loan B due July 24, 2026 talked at Libor plus 325 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.
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