Zayo breaks atop OID; Pinnacle Foods sets changes; NorthStar, GCP Applied release talk

By Sara Rosenberg

New York, Jan. 12 – Zayo Group LLC trimmed the spread on its term loan B-2 due to strong market demand and then the debt made its way into the secondary on Tuesday, with levels quoted above its original issue discount.

Also, Pinnacle Foods Inc. lowered pricing and tightened the issue price on its well-received incremental term loan, NorthStar Asset Management Group Inc. (NSAM LP) and GCP Applied Technologies Inc. came out with price talk on their term loans in connection with their launches, and Vivid Seats Ltd. surfaced with new deal plans.

Zayo Group reduced pricing on its $400 million covenant-light term loan B-2 (Ba2) due May 6, 2021 to Libor plus 350 basis points from Libor plus 375 bps, and left the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months intact, according to a market source.

Recommitments were due at 2:30 p.m. ET, and with final pricing in place, the debt freed up for trading late in the session, with levels quoted at 99¾ bid, par ¼ offered, a trader said.

Morgan Stanley Senior Funding Inc. is leading the loan that will be used to fund previously announced acquisitions.

Closing is expected on Friday.

Zayo is a Boulder, Colo.-based provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services.

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