Minimax Viking, Acrisure, Ciena term loans break for trading; BGIS shelves loan

By Sara Rosenberg

New York, Oct. 20 – Minimax Viking finalized sizes on its U.S. and euro term loans and set the original issue discount on both tranches at the tight end of revised guidance before freeing up for trading during Friday’s market hours.

Also, Acrisure LLC firmed the spread on its term loan B-5 at the low end of talk and then broke for trading, and Ciena Corp.’s term loan B surfaced in the secondary market as well.

In more happenings, BGIS withdrew from market its first-lien term loan.

Minimax Viking set the size of U.S. term loan B due July 2028 at $570 million, versus talk at launch of a minimum $500 million, set the size of its euro term loan B due July 2028 at €490 million, versus talk at launch of a minimum €450 million, and firmed the original issue discount on both loans (Ba3/BB-) at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk of 99, according to market sources.

As before, the U.S. term loan is priced at SOFR plus 275 basis points with a 0.75% floor, the euro term loan is priced at Euribor plus 325 bps with a 0% floor, and both loans have 101 soft call protection for six months.

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