Sensus updated, breaks atop OID; MGM Growth Properties, American Renal price talk surfaces

By Sara Rosenberg

New York, April 1 – Sensus USA Inc. modified the original issue discount on its first-lien term loan, and then the debt made its way into the secondary market on Friday with levels quoted above the adjusted issue price.

Sensus revised the original issue discount on its $625 million seven-year first-lien term loan to 97 from 98, while keeping pricing at Libor plus 550 basis points with a 1% Libor floor, according to a market source.

The term loan still has 101 soft call protection for one year.

Recommitments were due by 10 a.m. ET on Friday, and the term loan began trading shortly thereafter, with levels quoted at 97¼ bid, 97¾ offered, a trader remarked.

In more happenings, details on MGM Growth Properties Operating Partnership LP’s credit facility, including structure and price talk, were released in connection with its bank meeting.

Also, American Renal Holdings Inc. revealed pricing guidance on its add-on term loan, Samsonite International SA came out with timing on the launch of its credit facility and an updated structure, and AssuredPartners Inc. joined the near-term calendar.

AssuredPartners scheduled a conference call for Monday to launch a $110 million incremental first-lien term loan talked at Libor plus 475 bps with a 1% Libor floor and an original issue discount that is still to be determined, a market source said.

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