Mariner Wealth term loan frees to trade following updates; Altice USA revises deadline

By Sara Rosenberg

New York, Dec. 13 – Mariner Wealth Advisors finalized the spread on its incremental first-lien term loan at the low end of guidance and tightened the original issue discount from initial talk, and then the debt made its way into the secondary market on Tuesday.

Also, Altice USA (CSC Holdings LLC) extended the commitment deadline for its extended term loan in the wake of revisions to documentation.

Mariner tweaked, breaks

Mariner Wealth Advisors firmed pricing on its non-fungible $100 million incremental first-lien term loan (B-) due August 2028 at SOFR plus 425 basis points, the low end of the SOFR plus 425 bps to 450 bps talk, according to market sources.

Additionally, original issue discount talk on the incremental term loan was changed in the morning to a range of 95.5 to 96 from 95 and, after the noon ET recommitment deadline passed, the discount was set at 95.5, sources said.

The 10 bps CSA, 0.5% floor and 101 soft call protection for six months on the incremental term loan were unchanged.

On Tuesday afternoon, the incremental term loan freed to trade, with levels quoted at 96 bid, 97 offered, a trader added.

BMO Capital Markets is leading the deal that will be used for general corporate purposes, including to fund near-term acquisitions.

Mariner Wealth Advisors is an Overland Park, Kan.-based investment adviser.

Altice USA timing

Altice USA pushed out the commitment deadline for its extended term loan due January 2028 to 10 a.m. ET on Wednesday after making some changes to documentation, a market source remarked. Allocations are expected on Wednesday.

Originally, commitments were due at noon ET on Dec. 9 and allocations were expected on Dec. 12.

Documentation revisions included adding J-Crew, Chewy and Serta protections, and changing MFN, assets sales and restricted payments.

The extended term loan will be a minimum of $2 billion, the source continued.

Price talk on the extended term loan remained at SOFR plus 450 bps with a 0% floor and an original issue discount of 98, and the extended term loan is still talked with 101 soft call protection for one year and no CSA.

As before, included in the extended term loan is a springing maturity to April 2027 if the company’s 5˝% guaranteed notes are not refinanced at maturity.

JPMorgan Chase Bank is leading the deal that would extend an existing $2.835 billion term loan B-1 due 2025 and an existing $1.227 billion term loan B-3 due 2026, both priced at Libor plus 225 bps with a 0% floor.

Altice USA is a broadband communications and video services provider.

Fund flows

In other news, actively managed loan fund flows on Monday were negative $113 million and loan ETFs were negative $100 million, market sources said.

Outflows for loan funds week-to-date total an estimated $661 million, following outflows in the prior week of $408 million, sources added.

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