Qualtrics, PDC Wellness break; Spirit Aero dips with Boeing news; Live Nation gains

By Sara Rosenberg

New York, April 14 – Qualtrics (Quartz AcquireCo LLC) increased the size of its heavily oversubscribed first-lien term loan B, reduced the spread, removed one pricing step-down, trimmed the floor and modified the original issue discount before freeing up for trading on Friday, and PDC Wellness & Personal Care Co.’s (Parfums Holding Co. Inc.) first-lien term loan broke as well.

Also in trading, Spirit AeroSystems Inc.’s term loan B softened in trading on news of a quality issue on components it provides to Boeing, and Live Nation Entertainment Inc.’s term loan was stronger following ratings upgrades by Moody’s Investors Service.

And, in more happenings, price talk emerged on ImageFirst Holdings LLC’s add-on term loan and Belfor Holdings Inc. joined the near-term primary calendar.

In its deal, Qualtrics lifted its seven-year first-lien term loan B (B1/B) to $1.2 billion from $1 billion, lowered pricing to SOFR plus 350 basis points from talk in the range of SOFR plus 375 bps to 400 bps, eliminated a 25 bps pricing step-down at 1.25x gross leverage, cut the floor to 0% from 0.5% and changed the original issue discount to 99 from 98, according to a market source.

Qualtrics’ term loan freed to trade later Friday with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

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