Sabre Industries, Nord Anglia Education break; Hanson Building, Axiall changes disclosed

By Sara Rosenberg

New York, Feb. 26 – Sabre Industries Inc.’s credit facility freed up for trading Thursday with its term loan quoted above its original issue discount, and Nord Anglia Education Inc.’s add-on term loan hit the secondary as well.

Over in the primary market, Hanson Building Products raised pricing on its first- and second-lien term loans, widened original issue discounts on the tranches and sweetened the call protection on the second-lien debt, Axiall Corp. trimmed the spread on its term loan, and Tank Holding Corp. released price talk with launch.

Sabre Industries’ credit facility broke for trading on Thursday with the $255 million seven-year covenant-light term loan quoted at par bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 475 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from talk of Libor plus 500 bps to 525 bps.

The company’s $320 million credit facility (B+) also includes a $65 million revolver.

BNP Paribas Securities Corp., Citizens Financial Group and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing debt and fund an acquisition.

Nord Anglia Education’s fungible$150 million add-on term loan began trading too, with levels quoted at 99½ bid, par ¼ offered, according to a trader.

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