Pinnacle Foods frees up; 1-800 Contacts revises deadline; SolarWinds discloses price talk

By Sara Rosenberg

New York, Jan. 13 – Pinnacle Foods Inc.’s incremental term loan I began trading during Wednesday’s market hours, and levels were quoted above the debt’s original issue discount.

Pinnacle Foods’ $550 million incremental term loan I (Ba2/BB+) hit the secondary market on Wednesday, with levels seen by one trader at 99 7/8 bid, 100¼ offered, and by a second trader at 99 7/8 bid, 100 1/8 offered.

Meanwhile, in the primary market, 1-800 Contacts Inc. (CNT Holdings III Corp.) moved up the commitment deadline on its credit facility, SolarWinds released price talk with launch and Mattress Firm Holding Corp. is getting ready to bring its new deal to market.

1-800 Contacts accelerated the commitment deadline on its $580 million credit facility (B1/B) to 5 p.m. ET on Thursday from 5 p.m. ET on Jan. 20, a market source said.

SolarWinds held its New York bank meeting on Wednesday, launching its $1.5 billion equivalent U.S. dollar- and euro-denominated seven-year covenant-light first-lien term loan with talk of Libor/Euribor plus 500 bps to 525 bps with a 1% floor, an original issue discount of 98.5 and 101 soft call protection for six months, according to a market source.

Mattress Firm set a bank meeting for Thursday to launch a $730 million incremental first-lien term loan (Ba3/B+), according to a market source.

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