TierPoint breaks; Royalty Pharma guidance surfaces; primary calendar continues to build

By Sara Rosenberg

New York, Dec. 1 – TierPoint’s credit facility freed up for trading during Monday’s market hours with both the first- and second-lien term loan quoted above their original issue discounts.

Moving to the primary, Royalty Pharma released price talk on its term loan B-4 with launch, and Proserv Group Inc., Impax Laboratories Inc., Sage Products Holdings III LLC, Oasis Outsourcing, CRGT Inc., Accuvant and Spectrum Brands Inc. and Multi Packaging Solutions joined this week’s calendar.

TierPoint’s credit facility emerged in the secondary on Monday morning with the $330 million seven-year first-lien term loan (B2/B+) seen at 99¾ bid, par ¼ offered and the $90 million eight-year second-lien term loan (Caa2/CCC+) seen at 99½ bid, par ½ offered, according to a trader.

The first-lien term loan is priced at Libor plus 425 basis points with a 1% Libor floor and was issued at a discount of 99. There is 101 soft call protection for one year.

Pricing on the second-lien term loan is Libor plus 775 bps with a 1% Libor floor and it was sold at an original issue discount of 99. This debt has hard call protection of 102 in year one and 101 in year two.

Recently, the first-lien term loan was upsized from $320 million, the spread was cut from Libor plus 450 bps and the call protection was extended from six months, and the second-lien term loan was downsized from $100 million while pricing was trimmed from Libor plus 800 bps.

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