Post, Alexander Mann, Hyperion, ION break; Axalta, Emerald, Boyd, Tibco revisions emerge

By Sara Rosenberg

New York, May 17 – Post Holdings Inc.’s term loan B made its way into the secondary market on Wednesday above its original issue discount and Alexander Mann Solutions, Hyperion Insurance Group Ltd. and ION Media Networks Inc. began trading too.

Moving to the primary market, Axalta Coating Systems U.S. Holdings Inc. increased the size of its term loan, trimmed pricing and modified the issue price, and Emerald Expositions Holding Inc. tightened the original issue discount on its term loan and added a pricing step-down.

In addition, Boyd Corp. set pricing on its first-and second-lien term loans at the wide end of revised talk and Tibco Software Inc. upsized its add-on term loan.

Also, Fortress Investment Group and CommScope Inc. released talk with launch, and Zodiac Pool Solutions LLC surfaced with new deal plans.

Post Holdings’ $2.2 billion seven-year first-lien term loan B (Ba2/BB-) freed to trade on Wednesday, with levels quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 225 basis points with a 0% Libor floor, and it was sold at an original issue discount of 99.75. The loan has 101 soft call protection for six months.

On Tuesday, the term loan was upsized from $2 billion, the spread was reduced from Libor plus 250 bps and the discount was tightened from 99.5.

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