ABB/Con-Cise, SRS Distribution tweak deals; Harland, Chefs’ Warehouse modify deadlines

By Sara Rosenberg

New York, June 10 – ABB/Con-Cise Optical Group LLC came out with changes to its credit facility on Friday, including upsizing its first-lien term loan B, firming the spread at the wide end of guidance and setting the original issue discount at the tight side of talk.

The company raised its seven-year first-lien covenant-light term loan B to $370 million from $350 million, firmed pricing at Libor plus 500 basis points, the high end of the Libor plus 475 bps to 500 bps talk and finalized the issue price at 99, the tight end of the 98.5 to 99 talk, according to a market source.

As before, the first-lien term loan B has a 1% Libor floor and 101 soft call protection for six months.

Also, SRS Distribution Inc. lifted its incremental first-lien covenant-light term loan due Aug. 25, 2022 to $147 million from $127 million, firmed the spread at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, and changed the original issue discount on new loans only to 99.5 from 99.

Harland Clarke changed the commitment deadline on its $800 million term loan B-5 (B1/BB-) due December 2019 to 5 p.m. ET on Monday from Tuesday.

Chefs’ Warehouse accelerated the commitment deadline on its $330 million six-year term loans to close of business on Tuesday from Thursday.

In addition, Patterson Medical, Mediware Information Systems Inc., Travelport Worldwide Ltd. and Bats Global Markets Inc. joined the near-term new issue calendar.

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