Regal, Townsquare, National Financial, Planet Fitness, SeaWorld break; Allison reworked

By Sara Rosenberg

New York, March 27 – Regal Cinemas Corp.’s term loan emerged in the secondary market on Friday with levels quoted above par, and Townsquare Media Inc., National Financial Partners Corp. and Planet Fitness Holdings LLC began trading as well.

Also, SeaWorld Entertainment Inc. reduced pricing on its incremental term loan B-3, finalized the offer price at the tight end of guidance and then freed to trade in the afternoon.

In other primary happenings, Allison Transmission Inc. lowered the spread on its term loan, tightened the original issue discount and restructured the debt as an add-on to an existing tranche, CPM Holdings Inc. approached investors with a credit facility, and Tekni-Plex Inc. surfaced with new deal plans.

Regal Cinemas’ $966 million senior secured covenant-light term loan due in 2022 (Ba1/BB) broke for trading on Friday with levels seen at par 1/8 bid, par 5/8 offered, according to a trader.

Pricing on the term loan is Libor plus 300 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 99¾. The debt includes 101 soft call protection for six months.

Recently, the spread on the term loan was reduced from Libor plus 325 bps, the discount was modified from 99 and the call protection was shortened from one year.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal.

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