Exact Holding U.S. first-lien term loan a work in progress; Nord Anglia, Armacell disclose OIDs

By Sara Rosenberg

New York, Feb. 17 – Exact Holding NV’s U.S. first-lien term loan has met some resistance in syndication, but the leads are continuing to work on the transaction after recently wrapping syndication and allocating the company’s euro first-lien term loan and its second-lien term loan.

In more primary happenings, Nord Anglia Education Inc. and Armacell released original issue discount guidance on their tack-on debt, and US LBM and Vogue International emerged with new loan plans.

Exact Holding’s U.S. first-lien term loan is still working on finding a clearing level in the primary market, but the company did complete syndication of its euro first-lien term loan and second-lien term loan, according to a market source.

Most recent talk on the U.S. first-lien term loan is Libor plus 525 basis points with a 1% Libor floor, an original issue discount in the low-90s area and 101 soft call protection for one year, the source said.

Already during syndication, the spread on the U.S. first-lien term loan was increased from Libor plus 475 bps, the discount was talked at 96 and, prior to that, at 99, and the call protection was extended from six months.

The seven-year first-lien term loan (B1/B) is sized at $335 million, of which €100 million is a euro carve-out that allocated on Monday, the source said.

Pricing on the euro loan is Euribor plus 525 bps with a 1% floor and it was sold at a discount of 94.

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