Gray Television deal changes surface; MedAssets moves deadline; Keurig discloses price talk

By Sara Rosenberg

New York, Jan. 19 – In the primary market on Tuesday, Gray Television Inc. increased the size of its incremental term loan while also decreasing pricing as the deal has been met with strong investor demand.

Gray Television upsized its incremental senior secured term loan due June 2021 to $425 million from $400 million and lowered the spread to Libor plus 350 basis points from Libor plus 400 bps, while leaving the 0.75% Libor floor, original issue discount of 99 and 101 soft call protection for six months intact, according to a market source.

Also, MedAssets Inc. accelerated the commitment deadline on its first- and second-lien term loans, and Keurig Green Mountain Inc. released price talk on its U.S. term loan B in connection with its New York bank meeting.

MedAssets moved up the commitment deadline on its $1.13 billion 6.5-year first-lien covenant-light term loan (B2/B) and $500 million seven-year second-lien covenant-light term loan (Caa2/CCC+) to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

Keurig Green Mountain launched its $2,675,000,000 seven-year term loan B with talk of Libor plus 375 bps to 400 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Over in the secondary market, Delta Air Lines Inc.’s term loans held firm with the release of fourth quarter numbers, according to a trader.

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