SIG Combibloc, IPC break; Nellson Nutraceutical, Select Staffing reveal deal revisions

By Sara Rosenberg

New York, Feb. 3 – Deals from SIG Combibloc Group AG and IPC Corp. surfaced in the secondary market on Tuesday, and Performance Food Group saw the bid on its second-lien term loan weaken with add-on debt news.

Over in the primary market, Nellson Nutraceutical LLC lifted the spread on its first-lien term loan, Select Staffing (Koosharem LLC) tightened the original issue discount on its tack-on term loan, chatter surfaced that Dollar Tree Inc. may upsize its term loan A, and Sabre Industries Inc. emerged with new deal plans.

SIG Combibloc’s credit facility freed up for trading on Tuesday with the $1,225,000,000 seven-year covenant-light term loan quoted at 99¾ bid, par ½ offered, according to a trader.

Pricing on the U.S. term loan, as well as on a €1.05 billion seven-year covenant-light term loan, is Libor/Euribor plus 425 basis points with a 1% floor and the debt was sold at an original issue discount of 99½. There is 101 soft call protection for one year.

Recently, the total amount of term loan debt was upsized to €2,134,000,000 equivalent from €1,965,000,000 equivalent, pricing was lowered from talk of Libor/Euribor plus 450 bps to 475 bps, the discount tightened from 99, the call protection was extended from six months, and the ticking fee was changed to the full spread and floor at day 31 from half the spread from days 31 to 60 and the full spread thereafter.

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