Univar, CEVA Logistics free to trade; Sprint Communications reworks add-on term loan

By Sara Rosenberg

New York, Feb. 22 – Univar Inc. set the original issue discount on its incremental U.S. term loan B at the tight side of guidance and firmed the spread on its incremental euro term loan B at the low end of revised talk, and then the debt began trading on Friday, and CEVA Logistics’ term loan broke as well.

Univar’s incremental U.S. term loan was quoted by traders at 99¾ bid, 100¼ offered. The incremental euro term loan was quoted at 100 5/8 bid, 100 7/8 offered.

CEVA Logistics’ $475 million covenant-light term loan B due August 2025 was quoted at 97 bid, 98 offered, a trader remarked.

In more happenings, Sprint Communications Inc. upsized its add-on senior secured term loan B-1 and modified the issue price, and MYOB joined the near-term primary calendar.

Sprint Communications raised its fungible add-on senior secured term loan B-1 due February 2024 to $900 million from $400 million and changed the original issue discount to 98 from talk in the range of 97 to 97.5, according to a market source.

MYOB set a bank meeting for 10:30 a.m. ET in New York on Monday to launch a $486 million seven-year covenant-light first-lien term loan that is talked with a 0% Libor floor and 101 soft call protection for six months, according to a market source.

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