Culligan, Smyrna, Hertz break; Buckeye accelerated; TransDigm, American, others set talk

By Sara Rosenberg

New York, Nov. 14 – Culligan International Co. (AI Aqua Merger Sub Inc.) trimmed the spread on its term loans, removed one pricing step-down and modified ticking fees before freeing up for trading late in the day on Tuesday.

Also, Smyrna Ready Mix Concrete LLC trimmed pricing on its term loan B and then broke for trading, and Hertz Corp.’s incremental term loan B made its way into the secondary market as well.

In more happenings, Buckeye Partners LP moved up the commitment deadline for its term loan B, TransDigm Group Inc., American Airlines Inc., Instructure Holdings Inc., IMA Financial Group and PremiStar released price talk with launch, and Enverus joined this week’s calendar with plans for a unitranche facility.

Culligan lowered pricing on its $1.15 billion senior secured incremental covenant-lite first-lien term loan B due July 30, 2028, split between a $950 million funded tranche and a $200 million unfunded delayed-draw term loan, to SOFR plus 425 basis points from SOFR plus 450 bps and removed a 25 bps step-down at 4.25x net first-lien leverage, according to a market source.

In addition, ticking fees on the term loan debt were changed to half the margin at day 46 and the full margin at day 91 from half the margin from days 61 to 120 and the full margin thereafter, the source said.

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