Kraton sets changes, frees to trade; Vivid Seats updates deal; Solera book filling well

By Sara Rosenberg

New York, Feb. 18 – Kraton Polymers LLC increased the size of its term loan B and widened the original issue discount, and then the debt made its way into the secondary market on Thursday, with levels bid right around the issue price.

Kraton Polymers lifted its senior secured term loan B (Ba3/B+) due Jan. 6, 2022 to $953 million from $878 million after modifying the original issue discount to 90 from 92, according to a market source.

The term loan, which has already been funded, is priced at Libor plus 500 basis points with a 1% Libor floor, and has 101 soft call protection through Jan. 6, 2017.

With the syndication wrapping at the revised terms, the term loan B was able to free up for trading on Thursday, and levels were seen at 90 bid, 91 offered, a trader added.

In more happenings, Vivid Seats Ltd. came out with changes to maturity, amortization, incremental allowance and excess cash flow on its first-lien term loan.

Vivid Seats revised the maturity of its $240 million first-lien term loan (B2/B) to six years from seven years, increased the amortization to 5% per annum from 1% per annum and reduced the incremental freebie allowance to $30 million from $35 million, a market source remarked.

Also, syndication of Solera Holdings Inc.’s term loan B is heard to be progressing well in advance of next week’s commitment deadline.

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