ETC Group, Kindred At Home term loans break; Bayer Environmental changes surface

By Sara Rosenberg

New York, Aug. 3 – ETC Group (EOS Finco) reduced the size of its U.S. term loan, set the spread at the high end of talk, eliminated one pricing step-down and extended the call protection, and added a euro term loan to the transaction, before freeing up for trading on Wednesday, and Kindred At Home Hospice’s first- and second-lien term loans broke as well.

ETC Group trimmed its U.S. senior secured seven-year first-lien term loan term loan to $540.02 million from €972.4 million equivalent, finalized pricing at SOFR plus 600 basis points, the wide end of the SOFR plus 575 bps to 600 bps talk, removed a 25 bps step-down at 4.25x first-lien net leverage and extended the 101 soft call protection to one year from six months, a market source remarked.

As before, the U.S. term loan has a 25 bps step-down at 4.75x first-lien net leverage, a 0.5% floor and an original issue discount of 92.

In more happenings, Bayer Environmental Science (Discovery Purchaser Corp.) tightened original issue discounts on its first- and second-lien term loans, and sweetened the call protection on the first-lien tranche, and WatchGuard Technologies Inc. joined this week’s new issue calendar.

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