| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tank Holding Corp. > News item |
Smyrna Ready Mix term loan frees to trade following changes; Tank Holding releases OID
By Sara Rosenberg
New York, March 24 – Smyrna Ready Mix Concrete LLC increased the size of its term loan B, lifted the spread, widened the original issue discount and extended the call protection before breaking for trading on Thursday.
Smyrna Ready Mix raised its seven-year term loan B to $750 million from $650 million, lifted pricing to SOFR+CSA plus 425 basis points from SOFR+CSA plus 400 bps, adjusted the original issue discount to 97 from talk in the range of 97.5 to 98 and pushed out the 101 soft call protection to one year from six months, according to a market source.
Furthermore, the MFN was changed to 50 bps for 24 months from 50 bps for 12 months, the source said.
As before, the term loan has a 0.5% floor and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
Recommitments were due at 11 a.m. ET on Thursday and the term loan began trading later in the day, with levels quoted at 98 bid, 98¾ offered, another source added.
And, in more happenings, Tank Holding Corp. disclosed the original issue discount on its unitranche facility.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.