ClubCorp, Michigan Power break; Varsity Brands restructures; AMC moves up deadline

By Sara Rosenberg

New York, Dec. 8 – ClubCorp Club Operations Inc. firmed pricing on its term loan B at the tight end of guidance, then the debt began trading on Tuesday afternoon above its original issue discount, and Michigan Power LP LLC’s credit facility freed up as well.

ClubCorp’s term loan B was seen at 99¾ bid, 100¼ offered, a trader remarked.

Michigan Power’s $216 million seven-year term loan B was quoted at 99 bid, par offered before moving up to 99¼ bid, 100¼ offered, a trader said.

Over in the primary market, Varsity Brands Inc. increased the size of its add-on first-lien term loan and trimmed the size of its pre-placed second-lien term loan, AMC Entertainment Inc. accelerated the commitment deadline on its term loan B, and TI Group Automotive Systems LLC released original issue discount talk with launch.

Varsity Brands lifted its add-on first-lien term loan to $100 million from $75 million. Due to the first-lien loan upsizing, the company downsized its pre-placed second-lien term loan to $25 million from $50 million, a source said.

AMC Entertainment moved up the commitment deadline on its $881 million seven-year senior secured term loan B (Ba1/BB) to noon ET on Wednesday from 5 p.m. ET on Wednesday, according to a market source.

TI Group Automotive Systems held its lender call on Tuesday, launching its fungible $100 million add-on term loan with original issue discount talk of 98, according to a market source.

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