Micro Focus, Flavors Holdings, AVG Technologies, Callon break; Albertson’s tweaks add-on

By Sara Rosenberg

New York, Oct. 7 – Micro Focus’ credit facility hit the secondary market on Tuesday with both the term loan B and term loan C quoted above their original issue discounts, and Flavors Holdings Inc., AVG Technologies NV and Callon Petroleum Co. freed up as well.

Moving to the primary, Albertson’s Holdings LLC (Safeway Acquisition Merger Sub Inc.) lifted the size of its add-on term loan B-4 and tightened the original issue discount, Schaeffler (INA Beteiligungsgesellschaft GmbH) and Pro Mach Inc. came out with price talk on their deals with launch, while SourceHOV LLC timing and structure surfaced.

Micro Focus’ credit facility began trading on Tuesday with both the $1,275,000,000 seven-year covenant-light term loan B quoted at 95¾ bid, 96½ offered and the $500 million five-year covenant-light term loan C quoted at 95½ bid, according to a trader.

Pricing on the term loan B is Libor plus 425 basis points with a 1% Libor floor and it was sold at an original issue discount of 95½. There is 101 soft call protection for one year and amortization of 1% per annum.

The term loan C is priced at Libor plus 375 bps with a 0.75% Libor floor and was issued at 95. This tranche has 101 soft call protection for one year and amortization of 10% per annum.

During syndication, the term loan was downsized from $1.35 billion, pricing was flexed up from Libor plus 325 bps and the discount moved from revised talk of 97½.

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