ClubCorp, American Airlines bids soften with repricings; Smart & Final, Allison update

By Sara Rosenberg

New York, Sept. 14 – ClubCorp Club Operations Inc. and American Airlines Group Inc. saw their term loans bid a little lower in the secondary market on Wednesday after both companies approached lenders with repricing transactions.

ClubCorp’s term loan slid on the bid side in trading to par ¼ bid, par ¾ offered from par ½ bid, par ¾ offered.

The company launched a repricing of its $675 million senior secured covenant-light term loan due Dec. 15, 2022 at talk of Libor plus 300 basis points with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

By comparison, current pricing on the term loan is Libor plus 325 bps with a 1% Libor floor.

Shifting to the primary market, Smart & Final Stores LLC lifted pricing on its extended term loan B and set the original issue discount at the wide end of guidance, and Allison Transmission Inc. trimmed the size of its term loan B, firmed the spread at the low end of talk and reduced the Libor floor.

In addition, Matrix Medical Network, Floor & Decor Outlets of America Inc., Tronair, Orion Engineered Carbons SA and Camping World Good Sam released price talk with launch.

Also, inVentiv Health Inc. and Henry Co. LLC came out with timing on the launch of their proposed loan transactions, and OrthoLite emerged with new deal plans.

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