Cabot Microelectronics firms terms, frees up; Calpine B-5 loan breaks atop par

By Sara Rosenberg

New York, Dec. 17 – Cabot Microelectronics Corp. set the issue price on its term loan at the tight end of guidance before breaking for trading on Tuesday, and Calpine Corp.’s term loan B-5 hit the secondary market as well.

And, in other happenings, Sophos came out with timing on the launch of its first-lien credit facilities.

Cabot updated, trades

Cabot Microelectronics finalized the issue price on its $957 million covenant-lite term loan B due November 2025 at par, the tight end of the 99.875 to par talk, according to a market source.

As before, the term loan is priced at Libor plus 200 basis points with a 0% Libor floor and has 101 soft call protection for six months.

Calpine tops par

Calpine’s $1,532,000,000 first-lien term loan B-5 (Ba2/BB) due Jan. 15, 2024 freed to trade too, with levels quoted at par 3/8 bid, par ¾ offered, a market source remarked.

Pricing on the term loan B-5 is Libor plus 225 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

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