Creative Artists, Varsity break; Sage, Royalty Pharma, Siemens Audiology update deals

By Sara Rosenberg

New York, Dec. 10 – Creative Artists Agency extended the call protection on its term loan B and then the tweaked loan made its way into the secondary market on Wednesday to trade above its original issue discount, and Varsity Brands Inc. freed up as well.

Back in the primary, Sage Products Holdings III LLC reduced pricing and added a step-down on its first-lien term loan and tightened original issue discounts on its first- and second-lien debt, and Royalty Pharma cut the size of its term loan B-4 while reverse flexing pricing.

Also, Siemens Audiology Systems (Auris Luxembourg III Sarl) upsized its term loan B, Multi Packaging Solutions finalized spreads on its term loans, and Capella Healthcare Inc. accelerated the commitment deadline on its loan.

Furthermore, Liberty Cablevision of Puerto Rico LLC launched incremental term loans to investors, and Electrical Components International Inc. is getting ready to bring an add-on term loan B to market.

Creative Artists Agency pushed out the 101 soft call protection on its $510 million seven-year covenant-light term loan B to one year from six months and removed an 18-month MFN sunset provision so that there is 50 bps MFN for life, according to a market source.

Pricing on the term loan remained at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99.

The company’s $610 million credit facility (B2/BB-) also provides for a $100 million five-year revolver.

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