Beaver-Visitec tweaked deal frees to trade; Dayton Power, Eastern Power break above OIDs

By Sara Rosenberg

New York, Aug. 18 – Beaver-Visitec’s (TPG Bedrock Acquisition Inc.) credit facility freed up for trading on Thursday following pricing on the first-lien term loan (B2/B) finalizing at the wide end of guidance and a tweak to the soft call protection.

Beaver-Visitec firmed pricing on its $170 million seven-year first-lien covenant-light term loan (B2/B) at Libor plus 500 basis points, the high end of the Libor plus 475 bps to 500 bps talk, and pushed out the 101 soft call protection to one year from six months, according to a market source.

With final terms in place, the first-lien debt was quoted at 99¼ bid, 100¼ offered, and the second-lien debt was quoted at 98 bid, par offered, a trader remarked.

Also making their way into the secondary market were Dayton Power & Light Co. and Eastern Power LLC, with both companies’ new term loans trading above par.

Dayton Power and Light’s $445 million senior secured six-year first-lien covenant-light term loan B (Baa2/BBB-) was quoted at 100¼ bid, 100¾ offered, a trader said.

Eastern Power’s $1,501,912,314 senior secured term loan B due Oct. 2, 2021 was quoted at 100 1/8 bid, 100 5/8 offered, according to a trader.

Returning to the primary market, LANDesk Software emerged with plans to bring new term loans to market after the Labor Day holiday weekend.

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