Post term loan rises on paydown news; DTZ reworks deal; Ancestry, Delta, PowerTeam launch

By Sara Rosenberg

New York, Aug. 10 – Post Holdings Inc.’s term loan B was a bit stronger in the secondary market on Monday after the company surfaced with plans to refinance a portion of the debt with proceeds from the sale of senior unsecured notes and equity.

Moving to the primary market, DTZ (DTZ U.S. Borrower LLC and DTZ Aus HoldCo Pty Ltd.) reduced pricing on its term loan and widened the issue price on the repricing portion of the transaction.

Also, Ancestry.com, Delta Air Lines Inc. and PowerTeam Services all launched new deals to investors during the session.

Ancestry.com emerged in the morning with plans to hold a call at 2 p.m. ET to launch an $835 million senior secured credit facility (B).

Delta Air Lines held its lender call on Monday morning, and talk on its $500 million seven-year term loan B emerged as Libor plus 250 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The company’s $2 billion credit facility (BBB) also includes a $1.5 billion five-year revolver.

Commitments are due on Aug. 17, the source said.

PowerTeam Services held a call in the morning to launch a fungible $40 million add-on first-lien term loan that is talked at Libor plus 325 bps with a 1% Libor floor and an original issue discount of 99.026.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.