Zebra Technologies, Cengage break; Yum! accelerates deadline; Aspen Dental updates surface

By Sara Rosenberg

New York, May 27 – Zebra Technologies Corp. firmed the spread on its term loan B at the tight end of guidance and then the debt freed up for trading on Friday above its original issue discount. Cengage Learning Inc.’s term loan B hit the secondary market as well on Friday.

In more happenings, Yum! Brands Inc. accelerated the commitment deadline on its term loan B, Aspen Dental Management Inc. increased the size of its add-on term loan and set the new money issue price at the tight end of talk, and Cinemark USA Inc. and MKS Instruments Inc. surfaced with repricing plans.

Zebra Technologies finalized pricing on its $1,955,000,000 senior secured covenant-light term loan B due Dec. 27, 2021 at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, and left the 0.75% Libor floor and original issue discount of 99.75 unchanged, according to a market source.

As before, the loan has a repricing premium of 101 for six months and optional prepayments will be made at par.

With final terms in place, the term loan B broke for trading on Friday morning, with levels quoted at par bid, par ˝ offered, a trader added.

Morgan Stanley Senior Funding, Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to reprice the company’s existing term loan B due in 2021.

Zebra is a Lincolnshire, Ill.-based provider of marking and printing technologies.

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