Pilot, Zebra, FleetCor, FHC break; Micro Focus, Answers, Victory, Pike, Bioventus revised

By Sara Rosenberg

New York, Sept. 30 – Pilot Travel Centers LLC, Zebra Technologies Corp. and FleetCor Technologies Inc. came out with changes to their loan deals and then freed up for trading on Tuesday, and FHC Health Systems Inc. hit the secondary as well.

In more happenings, Micro Focus and Answers Corp. modified spreads, original issue discounts and call protection on their term loan debt, and Victory Capital Management reduced the size of its term loan B, increased the spread and sweetened the call protection.

Also, Pike Corp. modified its term loan sizes, set pricing on its first-lien tranche at the wide end of talk, and beefed up the spread, offer price and call protection on its second-lien tranche, Bioventus updated pricing and call protection on its second-lien term loan, and Grocery Outlet Inc. (GOBP Holdings Inc.) and Sensata Technologies BV released price talk with launch.

Pilot Travel Centers trimmed its seven-year term loan B to $1.95 billion from $2.25 billion, extended the 101 soft call protection to one year from six months and removed the 18 month MFN sunset provision, according to a market source.

As before, the term loan B is priced at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99½.

With the term loan B downsizing, the Knoxville, Tenn.-based operator of travel centers and travel plazas lifted its five-year term loan A to $1.5 billion from $1.2 billion, the source said.

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