Edelman Financial, United Site Services free to trade; Kraton, LDiscovery updates emerge

By Sara Rosenberg

New York, Dec. 16 – Edelman Financial Center LLC lifted pricing on its $230 million seven-year covenant-light term loan B to Libor plus 550 basis points from Libor plus 500 bps, finalized the original issue discount at 98, the wide end of the 98 to 99 talk, pushed out the 101 soft call protection to one year from six months and removed the MFN sunset, according to a market source.

As before, the term loan has a 1% Libor floor.

Commitments for the revised deal were due at 10 a.m. ET on Wednesday, and with final terms in place, the debt allocated and freed up for trading later in the day, with the term loan B quoted at 98¼ bid, 99¼ offered in the secondary market, a trader added.

United Site Services Inc.’s fungible $60 million add-on term loan began trading too, with levels seen at 99 bid, 99½ offered, a source said.

Pricing on the add-on loan is Libor plus 475 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.

In more happenings, Kraton Polymers LLC set pricing on its term loan B at the high end of talk and modified the issue price, and LDiscovery LLC increased the size of its delayed-draw term loan while finalizing the spread on its debt at the tight side of guidance.

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