HealthPort reworks pricing, issue price; Lonestar updates OID; Packers reveals guidance

By Sara Rosenberg

New York, Nov. 13 – In the primary market on Thursday, HealthPort (CT Technologies Intermediate Holdings and Smart Holdings Corp.) lowered the spread on its term loan and modified the original issue discount, and Lonestar Generation LLC set the offer price on its add-on term loan at the tight end of guidance.

In addition, Packers Holdings LLC (PSSI) disclosed price talk with launch, and timing surfaced on Global Cash Access Holdings Inc.’s credit facility.

HealthPort trimmed pricing on its $325 million seven-year first-lien covenant-light term loan on Thursday to Libor plus 500 basis points from Libor plus 550 bps and moved the original issue discount to 99 from 98˝, according to a market source.

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

The company’s $355 million credit facility (B2/B) also includes a $30 million revolver.

Commitments are due at 5 p.m. ET on Friday, the source remarked.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to help fund the buyout of the company by New Mountain Capital.

Lonestar Generation set the original issue discount on its fungible $160 million add-on senior secured covenant-light term loan B due Feb. 20, 2021 at 99, the low end of the 98 to 99 talk, removed the MFN sunset provision and kept pricing at Libor plus 425 bps with a 1% Libor floor, a market source said.

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