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.

The company 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.

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

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