Gray Television frees up; Stratose likely firming at tight end; American Renal shelves loan

By Sara Rosenberg

New York, Jan. 21 – Gray Television Inc.’s incremental term loan made its way into the secondary market on Thursday, with levels quoted above its original issue discount.

Gray Television’s $425 million incremental senior secured term loan due June 2021 was quoted at 99 5/8 bid, 100 1/8 offered, according to a trader.

Over in the primary market, Stratose Inc. is currently anticipated to see spread and original issue discount on its first-lien term loan finalize at the tight end of guidance, and American Renal Holdings Inc. pulled its add-on term loan due to initial public offering delays.

Stratose’s $265 million first-lien term loan is heard to likely print at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, which is the tight side of the Libor plus 500 bps to 525 bps with a 1% Libor floor and a discount of 98.5 to 99 talk that came out at launch, a market source said.

Furthermore, Endurance International Group Holdings Inc. (EIG Investors Corp.) released price talk on its incremental term loan in connection with its bank meeting.

The $735 million incremental seven-year first-lien term loan is talked at Libor plus 500 bps with an original issue discount of 98, the source said.

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