Service King frees to trade following revisions; AssuredPartners, MedImpact modify deals

By Sara Rosenberg

New York, Oct. 16 – Service King Collision Repair Centers tightened the issue price on its add-on term loan B to 99.25 from the 99 area, added a $25 million delayed-draw tranche to its capital structure that was sold as a strip with the add-on, and then the debt broke for trading on Friday above the revised original issue discount, with levels quoted at 99 5/8 bid, par 1/8 offered.

In more happenings, AssuredPartners Inc. set the spread on its first-lien term loan and the original issue discount on its second-lien term loan at the wide ends of guidance, and MedImpact increased pricing on its $350 million seven-year first-lien term loan B (B1/B+) to Libor plus 475 bps from talk of Libor plus 425 bps to 450 bps and added a total leverage covenant of 3.5 times so that the loan is no longer covenant-light.

Additionally, American Commercial Lines Inc. joined the near-term new issue calendar with plans to launch a new credit facility on Monday with its bank meeting.

© 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.