American Express, Astra, Vistage free up; IXS updated; NorthRiver, Minimax pull deals

By Sara Rosenberg

New York, Feb. 27 – American Express Global Business Travel scaled back its seven-year covenant-lite first-lien term loan to $1.13 billion from $1.22 billion by cutting the delayed-draw portion to $515 million from $605 million and leaving the funded piece at $615 million, a market source said.

Additionally, pricing on the term loan debt was raised to Libor plus 400 basis points from Libor plus 350 bps, the original issue discount was changed to 98 from 99.5, the 101 soft call protection was extended to one year from six months, and the delayed-draw loan ticking fee was revised to the full margin plus Libor starting on day one from half the spread from days 46 to 90 and the full spread onwards, the source continued.

As before, the term loan debt has a 0% Libor floor.

Deals from Astra Acquisition Corp. and Vistage International Inc. hit the secondary market as well.

In other news, Innovative XCessories & Services LLC (IXS Holding Inc.) set the spread on its term loan at the low end of guidance, NorthRiver Midstream (Grizzly) withdrew its incremental term loan B from market, Minimax Viking pulled its repricing transaction, and Science Applications International Corp. disclosed price talk with launch.

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