LegalShield breaks atop OID; RCN Grande sets spread; Pactiv reveals price guidance

By Sara Rosenberg

New York, Sept. 11 – LegalShield (Pre-Paid Legal Services Inc.) reduced the Libor floor on its incremental first-lien term loan and changed the original issue discount, and then the debt freed to trade on Friday afternoon.

LegalShield modified the Libor floor on its non-fungible $135 million incremental first-lien term loan (B2) due May 1, 2025 to 0.75% from 1% and adjusted the original issue discount to 98.5 from 98, according to a market source.

As before, the term loan is priced at Libor plus 400 basis points and has 101 soft call protection for six months.

Commitments remained due at noon ET on Friday and the term loan broke for trading in the afternoon, with levels quoted at 99 bid, par offered, another source added.

In other news, RCN Grande (Radiate Holdco LLC) firmed the spread on its term loan B at the low end of revised guidance, Pactiv Evergreen released price talk on its term loan, and GCI LLC emerged with new deal plans.

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