Microsemi restructured deal frees to trade; Endurance International offer side softens

By Sara Rosenberg

New York, Dec. 17 – Microsemi Corp.’s credit facility made its way into the secondary market on Thursday with revised tranche sizes, wider spread and original issue discount on the term loan B and revolver and term loan A pricing firming at the high end of guidance.

Microsemi’s $1.7 billion seven-year covenant-light term loan B was quoted at 98 bid, 98½ offered, according to a trader.

Pricing on the term loan B is Libor plus 450 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 97. The debt has 101 soft call protection for one year.

The company’s $2.45 billion senior secured credit facility (Ba3/BB-) also includes a $450 million five-year term loan A and a $300 million five-year revolver, both priced at Libor plus 250 bps with no floor.

Also in trading, Endurance International Group Holdings Inc.’s term loan saw levels tighten as the offer side moved lower following news that the company is being investigated by the Securities and Exchange Commission.

Endurance International’s term loan moved to 97 bid, 97 7/8 offered from 97 bid, 98½ offered, a trader said.

The company said it received a subpoena dated Dec. 10 from the Boston Regional Office of the SEC requiring the production of certain documents.

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