Invicuts $815 million launches Thursday, Marketo upsizes, Raycom launches repricing

By Paul A. Harris

Portland, Ore., Jan. 30 – In Tuesday's leverage loan market Invictus slated the launch of an $815 million credit facility for Thursday.

The facility includes a $100 million five-year revolver, a $545 million seven-year first-lien term loan and a $170 million eight-year second-lien term loan.

Barclays, Goldman Sachs and HSBC are arrangers. Barclays will be administrative agent on the first-lien debt, while Goldman is administrative agent on the second-lien piece.

Marketo Inc. upsized its term loan B to $460 million from $430 million and finalized pricing.

The final spread is Libor plus 325 basis points, 50 bps below the 375 bps to 400 bps spread talk.

The price is unchanged at 99.50, as are the 0% Libor floor, the six-month soft call at 101 and the 1% annual amortization rate.

The deal, sized at $495 million with the increase in the term loan size, includes a $35 million five-year revolver talked at a 375 bps to 400 bps spread to Libor with a 0% Libor floor.

And Raycom TV Broadcasting, LLC announced a repricing of its $598,500,000 of outstanding term loan B.

The repricing cuts the spread to Libor plus 225 basis points from 275 bps. The Libor floor remains unchanged at 0%.

The repricing is offered at par, and includes 101 soft call protection for six months after closing.

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