DexKo Global term loan frees to trade atop OID; Lackawanna Energy holds at break levels

By Sara Rosenberg

New York, July 21 – DexKo Global Inc. lowered the spread on its incremental first-lien term loan and tightened the original issue discount, and then the debt made its way into the secondary market on Friday.

Also, Lackawanna Energy Center LLC’s strip of term loan B-2 and term loan C debt held steady after freeing up for trading on Thursday evening.

In addition, Jones DesLauriers Insurance Management Inc. (Navacord) joined the near-term primary calendar with plans for a new first-lien term loan B.

DexKo cut pricing on its $300 million incremental first-lien term loan due Oct. 4, 2028 (B2/B-) to SOFR plus 425 basis points from talk in the range of SOFR plus 450 bps to 475 bps and adjusted the original issue discount to 97 from 96, according to a market source.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Friday, and the term loan freed to trade in the afternoon, with levels quoted at 97¼ bid, 98¼ offered, another source added.

Meanwhile, Lackawanna Energy Center’s strip of $380 million six-year term loan B-2 and $82 million six-year term loan C debt was quoted at 97¼ bid, 98¼ offered on Friday, in line with where the debt broke for trading on Thursday night, a trader remarked.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.