ADT term loan B rises with amendment launch; PetVet Care, Newport Group join calendar

By Sara Rosenberg

New York, March 12 – ADT Inc. (Prime Security Services Borrower LLC) saw its term loan B head higher in trading on Tuesday after details of a proposed amendment request surfaced, along with plans for a partial paydown.

One trader quoted the term loan B at 99¾ bid, 100¼ offered, up from 99¼ bid, 99¾ offered, and a second trader quoted the term loan B at 99½ bid, par offered, up from 99 3/8 bid, 99 7/8 offered.

Moving to the primary market, PetVet Care Centers LLC and Newport Group came out with plans to launch syndication of incremental first-lien term loans, and PetVet released price talk on its debt ahead of its upcoming lender call.

PetVet Care Centers set a lender call for 9 a.m. ET on Wednesday to launch a fungible $125 million incremental first-lien term loan due Feb. 14, 2025 talked at Libor plus 325 bps with a 0% Libor floor, an original issue discount of 96.5 to 97 and 101 soft call protection until May 9, a market source remarked.

Newport Group will hold a lender call at noon ET on Wednesday to launch a fungible $63.5 million add-on first-lien term loan, according to a market source.

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