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Wall Street Systems frees to trade following revisions; Berry Plastics loans move around
By Sara Rosenberg
New York, Aug. 25 – Wall Street Systems Holdings Inc.’s extended U.S. term loan made its way into the secondary market on Thursday morning after the deal went through a complete restructuring during syndication.
Wall Street Systems’ $330.3 million amended and extended term loan due 2023 began trading on Thursday, with levels quoted at 99¾ bid, 100¼ offered, according to a market source.
Along with the amended U.S. term loan, which is being extended from 2021, the company is getting a €150 million seven-year covenant-light term loan.
Pricing on the extended U.S. term loan and on the euro term loan is Libor/Euribor plus 375 basis points with a 1% floor. New money received an original issue discount of 99.5, and existing money received a 50-bps consent fee, the source said. All of the debt has 101 soft call protection for six months.
Also, Berry Plastics Group Inc. saw mixed movement in its term loans after the company announced plans to take on additional debt for the purchase of AEP Industries Inc.; however, sources attributed the change in levels more to regular trading activity in the name than to the acquisition news.
Berry Plastics’ term loan H rose to 100½ bid, 100¾ offered from 100 3/8 bid, 100 5/8 offered, and its term loan G fell to par bid, 100¼ offered from 100 1/8 bid, 100 3/8 offered, traders said.
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