Cablevision, Beacon Roofing Supply, Hanson Building Products break; Schumacher modifies deal

By Sara Rosenberg

New York, Sept. 25 – Cablevision Systems Corp. upsized its term loan B, firmed pricing at the high end of revised guidance and freed up for trading on Friday, and deals from Beacon Roofing Supply Inc. and Hanson Building Products (Stardust Finance Holdings Inc.) hit the secondary as well.

Cablevision upsized its seven-year term loan B to $3.8 billion from a revised amount of $3.3 billion and an initial amount of $2.3 billion, and set the spread at Libor plus 400 basis points, according to a market source.

With final terms in place, the facility broke for trading on Friday afternoon, with the term loan B quoted by one trade at 99 3/8 bid, 99 7/8 offered and by a second trader at 99 3/8 bid, 99¾ offered.

Beacon’s credit facility also began trading during the session, with the $450 million seven-year covenant-light senior secured term loan B (B2/BB+) quoted at 99 7/8 bid, 100 3/8 offered, according to a trader.

Another deal to free up was Hanson’s fungible $240 million incremental first-lien term loan due March 13, 2022, with levels seen at 99 bid, par offered, a market source said.

In other happenings, Schumacher Group tightened pricing and issue price on its first-lien term loan while increasing the spread on its second-lien loan, and Allied Security Holdings LLC (AlliedBarton) and Quincy Newspapers Inc. emerged with new deal plans.

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