BRP frees up; Conservice accelerates term loan deadline; Mohegan discloses guidance

By Sara Rosenberg

New York, May 6 – BRP Inc. (Bombardier Recreational Products Inc.) trimmed the spread on its term loan B-2, finalized the original issue discount at the tight end of talk and modified the call protection before making its way into the secondary market on Wednesday.

The company cut pricing on the $600 million term loan B-2 (B1/BB-) due May 24, 2027 to Libor plus 500 basis points from Libor plus 550 bps.

The original issue discount was set at 97, the tight end of the 96 to 97 guidance, and the call protection was changed to 102 in year one and 101 in year two from 103 in year one, 102 in year two and 101 in year three, a market source remarked.

The term loan still has a 1% Libor floor.

Commitments were due at noon ET on Wednesday and the term loan B-2 freed to trade later in the day with levels quoted at 98¼ bid, 99¼ offered, a trader added.

In more happenings, Conservice Midco LLC moved up the commitment deadline for its term loan and Mohegan Tribal Gaming Authority announced price talk on its first-lien term loan.

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