Scientific Games trades up; Abercrombie, Raycom break; Platform, Portillo’s, Zest updated

By Sara Rosenberg

New York, Aug. 1 – Scientific Games Corp.’s term loan was stronger in trading on Friday as the company announced plans to purchase Bally Technologies Inc., and Abercrombie & Fitch Co. and Raycom TV hit the secondary market.

Over in the primary, Platform Specialty Products Corp. (MacDermid Inc.) set the original issue discount on its term loan B at the tight end of guidance, and Portillo’s Holdings LLC shifted some funds between its first- and second-lien term loans, tightened original issue discounts on both tranches and reduced the spread on the second-lien debt.

Also, Zest Holdings LLC modified the offer price on its term loan, Terex Corp. outlined U.S. and euro tranche sizes under its first-lien term loan, and Travelport LuxCo emerged with new deal plans.

Scientific Games’ term loan headed higher in the secondary market on Friday after news surfaced that the company is buying Bally Technologies for $83.30 per share in cash, for a total transaction value of about $5.1 billion, including net debt of around $1.8 billion, according to a trader.

The term loan was quoted at 98¾ bid, 99½ offered, up from 98½ bid, 99¼ offered, the trader said.

For the transaction, Scientific Games plans on getting $2,485,000,000 of new secured term loans and secured notes and $2.7 billion of new unsecured notes, and it intends to draw $150 million under its existing revolver.

The company also plans to amend its existing credit facility with the overall capital raise.

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