Jackson Hewitt breaks; Builders FirstSource, Numericable, Peacock Engineering modify deals

By Sara Rosenberg

New York, July 24 – Jackson Hewitt Tax Service Inc.’s credit facility surfaced in the secondary market on Friday morning, with the $200 million five-year term loan B seen at 99 bid, 99˝ offered, a trader said.

Pricing on the term loan is Libor plus 700 basis points with a 1% Libor floor, and it was sold at an original issue discount of 98. The debt has hard call protection of 102 in year one and 101 in year two.

During syndication, the term loan was downsized from $250 million, the spread was increased from talk of Libor plus 575 bps to 600 bps and the discount widened from 99.

The company’s $230 million credit facility also includes a $30 million first-out revolver.

RBC Capital Markets LLC and Macquarie Capital (USA) Inc. are leading the deal.

In more happenings, Builders FirstSource Inc. increased the size of its term loan B, widened pricing, extended the call protection and made some other documentation changes.

Also, Numericable raised the amount of term loan B debt it is getting, outlined dollar and euro sizes and tightened the original issue discount on the tranches, and Peacock Engineering modified the issue price on its first-lien term loan while adding a pricing step-down.

Additionally, Stahl withdrew its term loan from the market, and Knowledge Universe Education LLC and DTZ joined the near-term new issue calendar.

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