Promontory, Blackboard revised; MediaOcean pulled; Grifols, HelpSystems, Allsup’s set talk

By Sara Rosenberg

New York, Oct. 30 – In the primary market on Wednesday, Promontory Interfinancial Network LLC reduced the spread and revised the original issue discount on its first-lien term loan in the morning and increased the size of the tranche in the afternoon.

Specifically, Promontory upsized the seven-year covenant-lite loan to $630 million from $620 million, trimmed pricing to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps, changed the original issue discount to 99.5 from 99 and made some updates to documentation.

Blackboard Inc. lifted pricing on its $500 million term loan B-5 due June 2024 to Libor plus 600 bps from talk in the range of Libor plus 550 bps to 575 bps and moved the original issue discount to 95 from 99. The term loan still has a 1% Libor floor.

MediaOcean LLC pulled its $743 million of senior secured credit facilities from market as a result of current conditions. The facilities consisted of a $50 million revolver, and a $693 million term loan talked at Libor plus 400 bps to 425 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Grifols, HelpSystems and Allsup’s announced price talk with launch, and Cambrex Corp., TransUnion LLC and LPL Holdings Inc. joined the near-term primary calendar.

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