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United Mileage, PQ, Meredith, Cardtronics break for trading; Tech Data update surfaces
By Sara Rosenberg
New York, June 25 – United Mileage Plus changed the original issue discount on its seven-year first-lien term loan B (Baa3//BBB-) to 98 from 97 and accelerated the commitment deadline to 1:30 p.m. ET on Thursday from noon ET on Friday, according to a market source.
In the afternoon, the loan was upsized to $3 billion from $2 billion and the commitment deadline was changed to 2:30 p.m. ET on Thursday.
And, later in the day, pricing firmed at Libor plus 525 basis points, the low end of the Libor plus 525 bps to 550 bps talk.
Late Thursday, United Mileage’s term loan B emerged in the secondary market, with one source quoting the debt at 98¾ bid, 99½ offered and another source quoting the debt at 99 bid, 99¾ offered.
Also, PQ Corp. changed the issue price on its term loan B and shortened the call protection, Meredith Corp. set the spread on its incremental term loan at the high end of talk and widened the original issue discount, and Cardtronics plc updated the original issue discount on its term loan B, and then all of these deals broke for trading as well.
In more happenings, Tech Data Corp. modified the issue price on its ABL term loan due to strong demand from investors.
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