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Sonneborn, American Bath break; Royal Adhesives, Alere, U.S. Shopping revisions emerge
By Sara Rosenberg
New York, June 10 – Sonneborn LLC and American Bath Group saw their deals hit the secondary market on Wednesday, and Green Plains Processing LLC’s recently allocated add-on term loan headed higher in trading.
Over in the primary market, Royal Adhesives & Sealants LLC moved some funds between its first- and second-lien term loans, lowered pricing on the tranches and tightened the original issue discount on the second-lien debt.
Also, Alere Inc. revised its term loan A and term loan B sizes and updated pricing and issue price on the B tranche, and U.S. Shipping Corp. upsized its first-lien term loan B while tightening the spread and original issue discount, and downsizing its second-lien term loan.
Furthermore, Cirque du Soleil revealed price talk with launch, and Jeld-Wen Inc., AmeriLife Group, Spencer Spirit, TI Automotive Ltd. and Too Faced Cosmetics Inc. joined the near-term primary calendar.
Finally, the purchase of Life Time Fitness Inc. (LTF Merger Sub Inc.) by Leonard Green & Partners and TPG closed on Wednesday.
To help fund the buyout, Life Time Fitness arranged for a new $1.5 billion credit facility consisting of a $250 million revolver and a $1.25 billion seven-year covenant-light term loan B.
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