Doosan Bobcat term loan breaks atop OID; Oldcastle, Light & Wonder transactions on deck

By Sara Rosenberg

New York, April 1 – Doosan Bobcat firmed the original issue discount on its term loan B at the tight end of revised guidance and then the debt made its way into the secondary market on Friday.

In more happenings, Oldcastle BuildingEnvelope and Light & Wonder Inc. (Scientific Games Corp.) joined the near-term new issue calendar.

Doosan updated, trades

Doosan Bobcat finalized the original issue discount on its $850 million seven-year term loan B at 98.5, the tight end of revised talk of 98 to 98.5 and tighter than initial talk of 97.5, a market source remarked.

The term loan is priced at SOFR+10 basis points CSA plus 250 bps with a 0.5% floor, and has 101 soft call protection for six months.

Previously in syndication, the spread on the term loan was lowered from talk in the range of 275 bps to 300 bps.

On Friday afternoon, the term loan freed to trade, with levels quoted at 99 1/8 bid, 99 5/8 offered on the break and then it moved up to 99½ bid, par offered, a trader added.

BofA Securities Inc., JPMorgan Chase Bank, PNC Capital Markets and TD Securities (USA) LLC are leading the deal that will be used to refinance existing debt.

Doosan Bobcat is a manufacturer of compact farm and construction equipment.

Oldcastle coming soon

Oldcastle BuildingEnvelope emerged with plans to hold a lender call at 10:30 a.m. ET on Monday to launch a $1.285 billion senior secured first-lien term loan, according to a market source.

Citigroup Global Markets Inc. is leading the deal that will be used to help fund the buyout of the company by KPS Capital Partners LP from CRH plc for an enterprise value of $3.8 billion. The consideration includes cash of $3.45 billion together with a transfer of lease liabilities of $0.35 billion.

Closing is subject to customary conditions and regulatory approvals.

Oldcastle BuildingEnvelope is a supplier of value-added, glazing-focused, interior and exterior products and services.

Light & Wonder sets call

Light & Wonder will hold a lender call at 2 p.m. ET on Monday to launch a $2.2 billion seven-year term loan (//BBB-) talked at SOFR+CSA plus 325 bps with a 0.5% floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at 5 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance existing debt.

Light & Wonder is a Las Vegas-based cross-platform games and entertainment company.

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