Duff & Phelps breaks; Insight Global, Angus revise deals; PODS, Alliant accelerate deadlines

By Sara Rosenberg

New York, Jan. 22 – Duff & Phelps Corp. finalized the original issue discount on its tack-on term loan at the wide end of talk and then the debt made its way into the secondary market on Thursday with levels quoted above the issue price.

In other happenings, Insight Global (IG Investments Holdings LLC) lifted pricing on its tack-on term loan, Angus Chemical Co. moved some funds between its U.S. and euro term loans and trimmed spreads, and PODS LLC and Alliant Holdings moved up the commitment deadlines on their deals.

Furthermore, Citgo Holding Inc. came out with price talk on its term loan B in connection with its bank meeting, and Heartland Dental Care LLC revealed original issue discount guidance on its add-on term loan.

Duff & Phelps’ $160 million first-lien tack-on covenant-light term loan due April 23, 2020 began trading on Thursday with levels quoted at 98½ bid, 99 offered, according to a trader.

The tack-on debt was sold at an original issue discount of 98¼, after firming at the wide end of the 98¼ to 98½ guidance, a source remarked.

Pricing on the tack-on term loan is Libor plus 350 basis points with a 1% Libor floor.

The tack-on loan is split between an $80 million funded tranche and an $80 million delayed-draw tranche that will trade as a strip until the delayed-draw term loan funds, the source added.

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