ABRA Auto Body, ClubCorp, Gray Television, TNT Crane break; Templar Energy changes emerge

By Sara Rosenberg

New York, Sept. 12 – ABRA Auto Body & Glass lowered spreads on its first- and second-lien term loans, updated original issue discounts and freed up for trading on Friday, and ClubCorp Club Operations Inc., Gray Television Inc. and TNT Crane (North American Lifting Holdings Inc.) hit the secondary market as well.

In more happenings, Templar Energy LLC modified its second-lien term loan to make it a fungible add-on instead of a stand-alone tranche, updated spread and original issue discount talk and proposed an increase to existing term loan pricing to match the add-on.

Also, Flavors Holdings Inc. came out with price talk on its first- and second-lien term loans as the debt was launched to investors in the morning, and Answers Corp., Callon Petroleum Co., Victory Capital Management, Sage Automotive Holdings Inc. and Intrawest Resorts Holdings Inc. joined the near-term calendar.

ABRA Auto Body & Glass cut pricing on its $275 million seven-year first-lien covenant-light term loan (B1) to Libor plus 375 basis points from talk of Libor plus 400 bps to 425 bps, set the original issue discount at 99¼, the middle of the 99 to 99½ guidance and extended the 101 soft call protection to one year from six months, according to a market source. The 1% Libor floor was unchanged.

Meanwhile, pricing on the $130 million eight-year second-lien covenant-light term loan (Caa1) was lowered to Libor plus 725 bps from Libor plus 750 bps.

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