Adient, JBS USA, NEO Tech free to trade; ION Investment restructures loan transaction

By Sara Rosenberg

New York, April 25 – Adient plc increased the size of its term loan B and then the debt broke for trading on Thursday above its original issue discount, and deals from JBS USA Lux SA and NEO Tech Inc. surfaced in the secondary market as well.

Adient lifted its five-year covenant-lite term loan B to $800 million from $750 million, according to a market source.

The term loan B was quoted at 100¼ bid, 100¾ offered, a trader added.

JBS USA’s $1.9 billion seven-year term loan B (Ba2) was seen at par bid, 100¼ offered, a trader remarked.

NEO Tech’s $325 million seven-year first-lien senior secured term loan B (B2/B+) was quoted at 99½ bid, 100½ offered, a market source said.

In more happenings, ION Investment Group downsized its seven-year term loan piece, added a four-year term loan to its capital structure and extended the call protection.

Additionally, Digital Room Holdings Inc., Wheel Pros and LightBox Holdings disclosed price talk with launch, and Apollo Commercial Real Estate Finance Inc. joined this week’s primary calendar.

Apollo set a lender call for Friday to launch a $400 million seven-year senior secured term loan B (Ba2/BB-) talked at Libor plus 275 bps to 300 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

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