Carrols Restaurant, Sabre Industries, Addison break; Nordam, Utopia Pipeline update deals

By Sara Rosenberg

New York, April 4 – Carrols Restaurant Group Inc.’s credit facilities freed to trade on Thursday, with the term loan B quoted above its original issue discount, and Sabre Industries saw its term loan B surface in the secondary market as well.

Carrols Restaurant’s $425 million seven-year covenant-lite term loan B was quoted at 99 7/8 bid, 100 3/8 offered, a market source said.

Sabre’s $445 million seven-year senior secured first-lien term loan B (B2/B) was quoted at 99¾ bid, 100¾ offered, according to a trader.

Also, Addison Group set the spread on its $310 million seven-year covenant-lite term loan B (B2/B) at Libor plus 500 bps, the high end of the Libor plus 475 bps to 500 bps talk, and the original issue discount at 98, the wide end of the 98 to 98.5 guidance.

After terms finalized, the B loan emerged in the secondary market and levels were seen at 98 bid, 98¾ offered, a source said.

In other happenings, Nordam Group LLC increased the size of its term loan B, trimmed the spread and extended the call protection, and Utopia Pipeline (Riverstone Utopia Member LLC) tightened the original issue discount on its incremental term loan B.

Additionally, Neovia Logistics, Barracuda Networks Inc. and RadNet Management Inc. released price talk with launch, and Vizient Inc. and NEO Tech Inc. joined the near-term primary calendar.

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