Manitowoc Foodservice firms discount; Keurig updates term B tranching, pricing, OID

By Sara Rosenberg

New York, Feb. 5 – Manitowoc Foodservice Inc. finalized the original issue discount on its term loan B at the wide end of guidance on Friday, and Keurig Green Mountain Inc. revised sizes on its U.S. and euro term loan B’s, widened spread and original issue discount talk and extended the call protection.

Also on the primary front, Solera Holdings Inc. released timing on the launch of its term loan B.

Manitowoc Foodservice firmed the original issue discount on its $975 million term loan B (B+) at 98, the wide end of the 98 to 98.5 talk, according to a market source.

Closing is expected this month.

Keurig lifted its euro seven-year covenant-light term loan B to up to €900 million from €250 million and raised pricing to Euribor plus 425 bps from talk of Euribor plus 375 bps to 400 bps, according to a market source.

Additionally, the U.S. seven-year covenant-light term loan B is being downsized from $2,675,000,000, with the final size still to be determined, and pricing was flexed up to Libor plus 450 bps from talk of Libor plus 375 bps to 400 bps, the source said.

Recommitments were due at 5 p.m. ET on Friday, the source added.

Solera set a bank meeting for Tuesday to launch its previously announced $1.9 billion covenant-light term loan B, a market source remarked.

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