Asurion loans break atop issue prices; Global Tel*Link modifies commitment deadline

By Sara Rosenberg

New York, July 14 – Asurion LLC’s new term loan debt surfaced in the secondary market on Friday, with the add-on term loan B-5 and the second-lien term loan seen trading above their issue prices.

The $800 million add-on first-lien term loan B-5 (Ba3/B+) due November 2023 was quoted at par 3/8 bid, par 5/8 offered and the $1.8 billion eight-year second-lien term loan (B3/B-) quoted at 101½ bid, 102 offered, according to a trader.

Pricing on the add-on term loan B-5 is Libor plus 300 basis points with a 0% Libor floor, like the existing term loan B-5, and it was issued at par. The debt has 101 soft call protection through Nov. 4.

The second-lien term loan is priced at Libor plus 600 bps with a 0% Libor floor and was issued at par. This tranche has call protection of 102 in year one and 101 in year two.

Switching to the primary market, Global Tel*Link Corp. Inc. accelerated the commitment deadline on its incremental first-lien term loan to 5 p.m. ET on Monday from 5 p.m. ET on July 21 and Logix Communications joined the near-term calendar.

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