TGI Friday’s breaks; Staples, Kloeckner revised; Horizon Pharma, Intrawest, Talbots set talk

By Sara Rosenberg

New York, April 20 – TGI Friday’s Inc.’s tack-on first-lien term loan hit the secondary market on Monday, with levels quoted above its original issue discount.

The company saw the fungible $206.5 million loan at par bid, par ½ offered, according to a trader.

Also in trading, Websense’s term loan was quoted at par bid, par 1/8 offered after news emerged that the company is being combined with Raytheon Co. business unit Raytheon Cyber Products, according to a trader. On Friday, the loan was seen at an offer of par ¼.

Switching to the primary market, Staples Inc. reduced price talk on its term loan B and modified the original issue discount, and Kloeckner Pentaplast increased its U.S. and euro term loan sizes while decreasing spreads and tightening offer prices.

In addition, Horizon Pharma plc, Intrawest Operations Group LLC and Talbots Inc. released pricing guidance with launch, and J. Jill and Telenet Group Holding NV joined this week’s calendar.

J. Jill will launch a $290 million credit facility consisting of a $40 million asset-based revolver and a $250 million seven-year term loan B to help fund its previously announced buyout by TowerBrook Capital Partners LP from Arcapita and Golden Gate Capital.

Meanwhile, Telenet Group will launch a €1 billion credit facility consisting of an €800 million eight-year term loan B talked at Euribor plus 350 bps and a €200 million revolver.

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