Albertson’s frees to trade; Charter Communications, Visant, Packaging Coordinators revised

By Sara Rosenberg

New York, Aug. 11 – Albertson’s Holdings LLC (Safeway Acquisition Merger Sub Inc.) saw its term loans emerge in the secondary market on Monday with levels quoted above the debts’ original issue discounts.

Switching to the primary, Charter Communications Operating LLC reduced its institutional term loan size and updated pricing, and Visant Corp. lifted the spread on its term loan, widened the original issue discount and extended the call protection.

Also, Packaging Coordinators Inc. moved some funds to its first-lien term loan from its second-lien term loan, raised pricing on both tranches, and sweetened the offer price and call protection on the first-lien debt.

Albertson’s Holdings’ bank debt freed up on Monday, with the $950 million five-year first-lien covenant-light term loan B-3 quoted at 98 5/8 bid, 99 offered and the $3,609,000,000 seven-year first-lien covenant-light term loan B-4 quoted at 98¾ bid, 99 offered, according to a trader.

Pricing on the term loan B-3 is Libor plus 400 basis points with a 1% Libor floor and it was sold at an original issue discount of 98½. There is 101 soft call protection for one year.

The term loan B-4 is priced at Libor plus 450 bps with a 1% Libor floor and it was issued at a discount of 98½. This tranche also has 101 soft call protection for one year.

Proceeds from Albertson’s $4,559,000,000 of term loans (Ba3/BB-) will be used to fund the acquisition of Safeway Inc.

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