Wheelabrator, Grocery Outlet changes emerge, free to trade; Schaeffler reveals final terms

By Sara Rosenberg

New York, Oct. 15 – Wheelabrator Technologies Inc. (Granite Acquisition Inc.) shifted some funds to its revolver from its term loan C, finalized spreads on its first- and second-lien term loans, sweetened first-lien call protection and then freed up for trading on Wednesday.

Also, Grocery Outlet Inc. (GOBP Holdings Inc.) upsized its first-lien term loan while downsizing its second-lien term loan, increased pricing on the tranches, widened the issue price on the second-lien debt, extended the first-lien call premium and then it too hit the secondary market.

And, in more happenings, Schaeffler (INA Beteiligungsgesellschaft GmbH) firmed U.S. and euro term loan B tranche sizes, set spreads at the high end of guidance and modified the discount on the U.S. loan, Toledo Molding & Die Inc. withdrew its term loan B from market, and Essar Steel Algoma released price talk with launch.

Wheelabrator reduced its first-lien covenant-light term loan C (Ba2/BB-) to $55 million from $75 million, set pricing on the tranche, as well as on its $1.25 billion seven-year first-lien covenant-light term loan B (Ba2/BB-), at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, and pushed out the 101 soft call protection on both term loans to one year, according to a market source.

Furthermore, pricing on the company’s $260 million eight-year second-lien covenant-light term loan (B1/B) firmed at Libor plus 700 bps, the low end of the Libor plus 700 bps to 725 bps talk, the source said.

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