Telenet frees up following changes; Blue Ribbon reworks deal; Nexeo Solutions sets talk

By Sara Rosenberg

New York, May 5 – Telenet lowered pricing on its term loan B and tightened the original issue discount as a result of strong demand, and then the loan made its way into the secondary market on Thursday afternoon above the revised issue price.

Telenet trimmed pricing on its $850 million eight-year senior secured term loan B (B+) to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps and changed the original issue discount to 99.5 from 99, according to a market source.

The term loan was then quoted at par bid, 100¾ offered on the break, another source added.

In more happenings, Blue Ribbon LLC (Pabst) trimmed the spread on its fungible $135 million incremental first-lien term loan (B1) due Nov. 13, 2021 and added a request to reprice its existing first-lien term loan, and Nexeo Solutions Holdings LLC came out with price talk on its term loan with launch.

Blue Ribbon cut pricing on its term loan to Libor plus 400 bps from Libor plus 450 bps and is now asking lenders to reprice its existing first-lien term loan to Libor plus 400 bps from Libor plus 450 bps, a market source said.

Nexeo launched its $630 million seven-year covenant-light term loan (B3/B) with talk of Libor plus 450 bps with a 1% Libor floor, according to a market source.

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