NEP loans allocate; Freedom Mortgage eliminates discount; Sally Beauty tightens pricing

By Paul A. Harris

Portland, Ore., June 23 – In Friday’s leveraged loan market NEP Group’s dollar and euro first-lien term loan debt and dollar second-lien term loan allocated.

Freedom Mortgage Corp. eliminated the discount on its fungible $250 million add-on first-lien senior secured term loan due Feb. 23, 2022 and its loan also allocated.

And Sally Beauty Holdings Inc. tightened pricing for its $850 million of seven-year term loan B debt while also shifting $50 million to the fixed-rate tranche from the floating-rate tranche

NEP Group’s updated dollar- and euro-denominated first-lien term loan debt and U.S. second-lien term loan allocated on Friday.

The deal includes an up to €359.3 million equivalent two-part term loan B due 2024, split between an up to €284.3 million repricing of the existing loan and a €75 million fungible add-on tranche that was upsized from $50 million.

Spread talk remains unchanged. Talk on the dollar-denominated loan is Libor plus 325 basis points with a 1% Libor floor. Talk on the euro-denominated loan is Euribor plus 300 bps with a 0.75% floor.

For existing lenders rolling into the euro-denominated loan the reoffer price is par. New lenders are also offered the deal at par; previously new money euro lenders were being offered a 0.25 bps discount that would have rendered a reoffer price of 99.75.

For dollar-denominated lenders the reoffer price remains 99.75.

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