Dealogic frees up after tweaks; Sage Products shutting early; Vogue International sets talk

By Sara Rosenberg

New York, Dec. 8 – Dealogic lowered the spread on its term loan, tightened the original issue discount, sweetened the call protection and then made its way into the secondary market on Monday above the revised offer price.

In more happenings, Sage Products Holdings III LLC accelerated the commitment deadline on its term loans, Vogue International released talk with launch, and right leads surfaced on AmWINS Group Inc.’s loans.

Furthermore, Cengage Learning Acquisitions Inc. and General Communication Inc. (GCI) joined this week’s calendar.

Dealogic cut pricing on its $335 million covenant-light term loan (B1) to Libor plus 375 basis points from talk of Libor plus 400 bps to 425 bps, moved the original issue discount to 99½ from 99 and pushed out the 101 soft call protection to one year from six months, according to a market source, who said the 1% Libor floor was unchanged.

Recommitments were due at 1 p.m. ET on Monday and with final terms in place, the debt was able to free up for trading in the afternoon with levels seen at 99¾ bid, par ¼ offered, a trader added.

J.P. Morgan Securities LLC, Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the buyout of the company by the Carlyle Group for around $700 million from company management and founders, who will reinvest equity into the transaction.

Closing is expected by year-end, subject to customary regulatory approvals.

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