Level 3, Veresen Midstream, Freedom Mortgage break; Solera, TriMark, Black Knight updated

By Sara Rosenberg

New York, Feb. 17 – Level 3 Financing Inc.’s term loan B made its way into the secondary market on Friday above its original issue discount, and deals from Veresen Midstream LP and Freedom Mortgage Corp. began trading too.

Meanwhile, in the primary market, Solera Holdings Inc. firmed pricing on its U.S. and euro term loans at the low end of guidance, and TriMark (TMK Hawk Parent Corp.) lowered the spread on its tack-on first-lien term loan and added a repricing of its existing loan to the mix.

In addition, Black Knight Financial Services Inc. trimmed pricing on its term loan B, and Avantor Performance Materials and Pike Corp. surfaced with new deal plans.

Level 3 Financing’s $4.61 billion seven-year covenant-light term loan B freed up for trading on Friday, with levels seen at par ¼ bid, par ½ offered, a trader remarked.

Pricing on the loan is Libor plus 225 basis points with a 0% Libor floor, and it was sold at an original issue discount of 99.75. The debt includes 101 soft call protection for six months.

During syndication, the term loan firmed at the high end of revised talk of $3.61 billion to $4.61 billion, and was increased from an initial amount of $2.61 billion, and pricing was cut from Libor plus 250 bps.

Level 3 is a Broomfield, Colo.-based provider of communications services to enterprise, government and carrier customers.

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