PG&E, Diversey, Ultimate Software free up; Pathway Vet, Caesars Resort move up timing

By Sara Rosenberg

New York, June 18 – PG&E Corp. upsized its term loan B, set pricing at the tight side of guidance and modified the original issue discount, and then the debt made its way into the secondary market on Thursday.

Specifically, PG&E lifted its five-year senior secured term loan B to $2.75 billion from $1 billion, firmed pricing at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, and changed the original issue discount to 98.5 from 98, according to a market source.

The term loan still has a 1% Libor floor and 101 soft call protection for one year.

With the term loan upsizing, the company downsized its senior secured high-yield notes offering to $2 billion from $3.75 billion.

On Thursday, the term loan began trading and levels were quoted at 99½ bid, par offered, a trader added.

Also, Diversey (Diamond BC BV) increased the size of its incremental first-lien term loan, lowered the spread, tightened the original issue discount and shortened the call protection before breaking for trading, and Ultimate Software Group Inc.’s term loans freed up as well.

In more happenings, Pathway Vet Alliance LLC and Caesars Resort Collection LLC accelerated the commitment deadlines for their first-lien term loans.

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