Jet Support Services term loan breaks; Innovative XCessories reduces add-on loan size

By Sara Rosenberg

New York, Aug. 26 – Jet Support Services Inc.’s term loan hit the secondary market after undergoing revisions to spread, original issue discount and call protection during the syndication process.

Jet Support Services’ $175 million six-year term loan began trading on Wednesday morning, with levels quoted at 98 bid, 99 offered, according to a market source.

Pricing on the term loan is Libor plus 650 basis points with a 1% Libor floor, and it was sold at an original issue discount of 98. The debt has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing on the term loan was lifted from Libor plus 600 bps, the discount widened from 99, and the call protection was modified from a 101 soft call for one year.

UBS AG is leading the deal that will be used to refinance existing debt and fund a dividend.

In more happenings, Innovative XCessories & Services LLC downsized its fungible add-on term loan with cash on hand and revolver borrowings used to make up the difference.

Innovative XCessories reduced the size of its fungible add-on term loan to $95 million from $103 million, a market source remarked.

The add-on term loan is priced at Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99.5.

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