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BJ’s Wholesale, PowerSchool loans break for trading; iSolved changes surface
By Sara Rosenberg
New York, Oct. 4 – BJ’s Wholesale Club Inc. firmed the spread on its term loan B at the low end of guidance before freeing up for trading on Wednesday.
BJ’s set pricing on the $400 million covenant-lite term loan B (Ba2/BBB-) due February 2029 at SOFR plus 200 basis points, the low end of the SOFR plus 200 bps to 225 bps talk, according to a market source.
The term loan still has a 0% floor, a par issue price and 101 soft call protection for six months.
PowerSchool Holdings Inc.’s (Severin Acquisition LLC) first-lien term loan broke as well.
Meanwhile, in more happenings, iSolved increased the size of its first-lien term loan and lowered the spread, while leaving the floor and original issue discount unchanged.
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