Blue Yonder frees to trade atop OID; Smart Start, MAG Aerospace release price talk

By Sara Rosenberg

New York, July 30 – Blue Yonder reduced the size of its term loan B, firmed the spread at the low end of guidance and added a pricing step-down before breaking for trading during Thursday’s market hours.

Specifically, Blue Yonder trimmed its 5.5-year covenant-lite term loan B to $606 million from $620 million, set pricing at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, and added a step-down to Libor plus 275 bps upon a corporate ratings upgrade, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

On Thursday, after terms finalized, the loan made its way into the secondary market and was seen quoted at 99 5/8 bid, par 1/8 offered, a trader added.

In other news, Smart Start Inc. and MAG Aerospace (MAG DS Corp.) came out with price talk on their first-lien term loans with their lender calls, and LogMeIn Inc. joined the near-term new issue calendar.

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