Inmarsat, Closure Systems break; Access CIG, Quickbase updated; SunSource accelerated

By Sara Rosenberg

New York, March 13 – Inmarsat (Connect Finco Sarl/Connect U.S. Finco LLC) reduced the size of its term loan B, lifted the spread and widened the original issue discount, and Closure Systems International Group Inc. trimmed the spread on its first-lien term loan and added a leverage-based step-down, and then these deals freed to trade on Wednesday.

In more happenings, Access CIG LLC set the issue price on its incremental first-lien term loan at the tight side of talk, Quickbase finalized the original issue discount on its first-lien term loan at the tight end of guidance, and SunSource (CD&R Hydra Buyer Inc./STS Operating Inc.) moved up the commitment deadline for its first-lien term loan.

Additionally, Installed Building Products Inc., Perforce Software LLC and Iridium Communications Inc. released price talk with launch, and KinderCare Learning Cos. Inc. (Kuehg Corp.), Kodiak Building Partners, Miter Brands, Mister Car Wash Holdings Inc. and StandardAero (Dynasty Acquisition Co.) joined this week’s new issue calendar.

In its deal, Inmarsat scaled back its term loan B due September 2029 to $1.3 billion from $1.4 billion, raised pricing to SOFR plus 450 basis points from talk in the range of SOFR plus 400 bps to 425 bps, moved the original issue discount to 98 from 98.5 and made some changes to documentation, according to a market source.

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