Russell breaks atop widened OID; PODS dips with add-on news; Verisk Health, Avis set talk

By Sara Rosenberg

New York, May 10 – Russell Investments modified the original issue discount on its term loan B, and then the debt made its way into the secondary market on Tuesday, and PODS LLC’s term B drifted lower as lenders were approached with an add-on loan.

Russell Investments changed the original issue discount on its $650 million seven-year covenant-light term loan B to 94 from revised talk of 97 and initial talk of 98.5, according to a market source.

With final terms in place, Russell Investments’ term loan B freed up for trading on Tuesday, and levels were quoted at 94½ bid, 95½ offered, a source said.

PODS’ term loan B dropped to 99 bid, 99½ from 100 3/8 bid, 100 7/8 offered as news emerged in the morning that the company would be launching a $170 million add-on first-lien term loan B with a lender call in the afternoon, a trader remarked.

In more loan happenings, Verisk Health (VCVH Holding Corp.) disclosed structure and price talk on its credit facility with launch, and Avis Budget Group Inc. came to market with a term loan B amendment and extension transaction.

Following news of the amendment and extension, Avis’ term loan B was unchanged in trading at 99½ bid, 100¼ offered, a trader added.

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