Cumulus Media Holdings launches $1.32 billion term loan B repricing; Spansion, Aramark set talk

By Paul A. Harris

Portland, Ore., Dec. 10 - Bank loans were well bid on Monday. Trading volumes, however, were low, according to a market source.

The LCDX bank loan index ended unchanged at 100¾ bid, 101¼ offered.

Repricing news dominated the primary market.

Cumulus Media Holdings Inc. launched a $1,317,000,000 repricing of its term loan B.

Spansion Inc. and Aramark Corp. both set price talk on their refinancing deal.

Cumulus launches term B

J.P. Morgan Securities LLC lead Cumulus Media's repricing of its term loan B due September 2018 (Ba2/BB-) on Monday, according to a market source.

Pricing is Libor plus 350 basis points with a 1% Libor floor and a 101 soft call.

The original issue discount is talked at 99.75 to par, with the exact price to be determined.

The Atlanta-based radio broadcaster plans to use the proceeds to refinance its existing term loan.

Spansion firms at wide end

Pricing on Spansion's $219 million six-year term loan firmed at Libor plus 400 basis points on Monday, according to an informed source.

The deal is set to allocate on Tuesday.

The spread firmed at the wide end of the Libor plus 375 to 400 bps spread talk.

The loan has a 1.25% Libor floor and is pricing at an original issue discount of 991/2, the source said.

The term loan has 101 soft call protection for one year.

The $269 million senior secured covenant-light credit facility also has a $50 million five-year revolver.

Barclays and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to refinance an existing credit facility.

Senior secured leverage is 1.5 times, and total leverage is 2.8 times.

Spansion is a Sunnyvale, Calif.-based semiconductor device company principally dedicated to designing, manufacturing, marketing, licensing and selling NOR Flash memory technology and services.

Aramark sets discount talk

Aramark set discount talk on its $670 million Libor plus 325 basis points add-on U.S. term loan C due July 2016 at 99.50 to 99.75 on Monday, according to a market source.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Barclays, Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance about $650 million of term loans due on Jan. 26, 2014.

In addition, the company is looking to amend its existing credit facility to allow for the redemption of HoldCo debt with OpCo unsecured debt, sources said.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

LIN schedules lender call

LIN Television Corp. has scheduled an 11 a.m. ET conference call with its lenders to discuss an amendment to its existing senior secured credit facilities and a repricing of its existing term loan B.

J.P. Morgan Securities LLC is leading the effort.

The company is seeking a 325 basis points spread to Libor, with a 1% Libor floor. The reoffer price remains to be determined.

LIN is a Providence, R.I.-based broadcaster.

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