Dell sets term B revisions; TransDigm changes deadline; J. Jill allocates downsized loan

By Sara Rosenberg

New York, May 31 – Dell International LLC on Tuesday lowered pricing on its term loan B, added a step-down and tightened the original issue discount, and TransDigm Inc. accelerated the commitment deadline on its term loan F.

Dell on Tuesday cut pricing on its $5 billion seven-year first-lien term loan B (Baa3/BBB-/BBB-) to Libor plus 325 basis points from talk of Libor plus 350 bps to 375 bps, added a 25 bps step-down at 1 times first-lien net leverage and changed the original issue discount to 99.5 from 99, according to a market source.

TransDigm accelerated the commitment deadline on its $950 million seven-year covenant-light term loan F to 5 p.m. ET on Wednesday from Thursday, according to a market source.

Also, J. Jill allocated its add-on term loan B after trimming the size; MKS Instruments Inc., Ferrara Candy Co. Holdings Inc., Cinemark USA Inc. and Cushman & Wakefield (DTZ) released price talk on their debt deals with launch; and Hertz Corp., J.C. Penney Co. Inc. and Chefs’ Warehouse Inc. joined this week’s new issue calendar.

In other news, Western Refining Inc. completed syndication of its $500 million seven-year incremental covenant-light term loan B-2 at initial talk of Libor plus 450 bps with a 1% Libor floor and an original issue discount of 98, sources said.

Calpine Corp. completed its $562 million seven-year covenant-light term loan B-7, according to a news release.

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