Burger King allocates, trades higher; Toys ‘R’ Us sets Monday meeting for $1.38 billion

By Paul A. Harris

Portland, Ore., Sept. 25 – In a generally quiet bank loan market, with numerous participants sidelined by the observance of Rosh Hashanah, the LCDX 22 index of bank loan credit default swaps traded lower by ¼ point to finish at 103¼ bid, 103¾ offered

High-grade bank loans were softer with equities, a trader said.

High-yield loans were holding in.

The Zebra Technologies Corp. $2 billion seven-year term loan B, now in the market, is doing well, the trader said.

The deal has price talk of Libor plus 350 basis points to 375 bps with a 0.75% Libor floor and an original issue discount of 99. Commitments are due Monday.

Burger King Worldwide Inc. priced its $6.75 billion Libor plus 350 bps covenant-light term loan B at 99, a bank loan trader said.

The deal allocated and then traded to 99¾ bid, par 1/8 offered, the source added.

The spread came on top of spread talk. The reoffer price came at the rich end of the 99 to 99.5 price talk.

The loan has 101 soft call protection for six months.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks.

The facility also has a $500 million revolver.

Toys ‘R’ Us Inc. set a bank meeting on Monday for a $1,375,000,000 credit facility.

Goldman Sachs & Co. is leading the deal, which includes a $1,025,000,000 5.5-year term loan B-4 and a $350 million five-year first-in-last-out loan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.