Therm-O-Disc first-lien term loan B frees to trade atop OID

By Sara Rosenberg

New York, May 27 – Therm-O-Disc Inc. (Token Buyer Inc.) saw its first-lien term loan B surface in the secondary market on Friday after allocating late Thursday, and levels were quoted above its original issue discount.

The $360 million seven-year senior secured covenant-lite first-lien term loan B was quoted at 92˝ bid, 93˝ offered, a trader remarked.

Pricing on the first-lien term loan is SOFR+CSA plus 600 basis points with a 0.5% floor and it was sold at an original issue discount of 92. The debt has CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for one year.

The company’s $535 million of credit facilities also include a $65 million revolver and a $110 million privately placed second-lien term loan.

During syndication, the first-lien term loan was upsized from $355 million, pricing was increased from talk in the range of SOFR plus 500 bps to 525 bps, the CSA was revised from 0 bps, the discount widened from talk in the range of 97.5 to 98, the call protection was extended from six months, and leverage-based and initial public offering-based pricing step-downs were removed. In addition, the second-lien term loan was upsized from $100 million.

© 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.