Royalty Pharma, PrimeSource, Zayo, Flying, Victory Capital break; PetSmart dips on repricing

By Sara Rosenberg

New York, May 1 – Royalty Pharma Investments Finance Trust and PrimeSource Building Products (PriSo Acquisition Corp.) upsized their term loans in the morning and then freed up for trading on Friday afternoon above their issue prices.

Also, deals from Zayo Group LLC, Flying Fortress Inc. and Victory Capital Operating LLC surfaced in the secondary.

PetSmart Inc.’s term loan B slipped as a repricing of the debt was launched that will result in existing lenders being repaid at 101 due to current soft call protection, a trader remarked.

The transaction, for which there was no lender call, would take the $4.3 billion senior secured covenant-light term loan B due March 10, 2022 to Libor plus 300 basis points with a 1% Libor floor from Libor plus 400 bps with a 1% Libor floor, a source said.

Back in the primary, Hyland Software Inc. increased the size of its tack-on first-lien term loan, Gold Standard Baking trimmed the spread on its term loan and added a step-down, and J. Jill accelerated the commitment deadline on its $250 million seven-year term loan B to Monday from Wednesday, according to a market source.

Furthermore, Integra Telecom Holdings Inc. disclosed price talk with launch, and Blackhawk Mining, Salient Partners LP and Ranpak Holdings Inc. emerged with new deal plans.

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