Dell, Yum! break; TransDigm, Victory Capital update deals; J.D. Power moves up deadline

By Sara Rosenberg

New York, June 2 – Dell International LLC’s term loan B freed up for trading on Thursday, with levels quoted above its original issue discount, and Yum! Brands Inc. increased the size of its term loan B while trimming pricing and removing the Libor floor, and then it too hit the secondary market.

Dell’s $5 billion seven-year first-lien term loan B (Baa3/BBB-/BBB-) was quoted at 100 1/8 bid, 100 3/8 offered, according to a trader.

Yum! Brands lifted its seven-year senior secured term loan B to $2 billion from $1.5 billion, cut pricing to Libor plus 275 bps from Libor plus 300 bps and removed the 0.75% Libor floor so that there is no Libor floor, according to a market source.

With final terms in place, Yum! Brands’ credit facility began trading, with the term loan B quoted at par bid, 100½ offered, a trader remarked.

In other news, TransDigm Inc. upsized its term loan F, firmed the spread at the low end of guidance and tightened the original issue discount, Victory Capital Operating LLC modified the issue price on its add-on loan, and J.D. Power accelerated the commitment deadline on its credit facility.

Furthermore, Avantor Performance Materials, Hertz Corp., Berry Plastics Corp., Cvent Inc., Chefs’ Warehouse Inc. and Bob’s Discount Furniture Inc. released price talk with launch, and RadNet Management Inc., SRS Distribution Inc. and World Kitchen surfaced with new deal plans.

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