Truist, Aramark, Chromalloy, Crystal Clean, Installed Building, Hillman free to trade

By Sara Rosenberg

New York, March 22 – Truist Insurance Holdings LLC downsized its first-lien term loan B for a second time as the company opted to upsize its bond offering again, and Aramark Services Inc. set the spread on its term loan B-7 and term loan B-8 at the low end of guidance, and then these deals broke for trading on Friday.

Other deals to make their way into the secondary market during the session included Chromalloy Corp., Crystal Clean (JFL-Tiger Acquisition Co. Inc.), Installed Building Products Inc. and Hillman Group Inc.

In more happenings, HireRight Holdings Corp. increased the size of its incremental first-lien term loan, and Curium Pharma finalized pricing on its term loan B at the low end of guidance.

Also, GIP II Blue Holding LP (HESM Holdco) disclosed price talk with launch, and Par Pacific (Par Petroleum) and Herbalife Ltd. joined the near-term primary calendar.

Truist Insurance scaled back its seven-year covenant-lite first-lien term loan B (B2/B/B+) to $3.1 billion from a revised amount of $3.35 billion and an initial size of $4 billion, according to a market source.

Pricing on the term loan B is SOFR plus 325 basis points with a 25 bps step-down at 4.75x first-lien net leverage, a 25 bps step-down upon an initial public offering, a 0% floor and an original issue discount of 99.75.

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