U.S. Foods, Forterra, SRS break; Alorica, Bob’s Discount, Chefs’ Warehouse update deals

By Sara Rosenberg

New York, June 15 – U.S. Foods Inc.’s term loan B hit the secondary market on Wednesday above its original issue discount, and Forterra (Stardust Finance Holdings Inc.) and SRS Distribution Inc. freed up for trading as well.

Switching to the primary market, Alorica Inc. reduced the size of its term loan B and increased the size of its term loan A, and Bob’s Discount Furniture Inc. downsized its add-on term loan and extended the call protection.

Also, Chefs’ Warehouse Inc. increased the size of its funded term loan while finalizing the spread at the low end of guidance and Vertafore (VF Holding Corp.) moved up the commitment deadline on its first-lien term loan.

In addition, Dynegy Inc., Arbor Pharmaceuticals LLC, Advanced Integration Technology LP and MTS Systems Corp. released price talk with launch, and First Eagle Investment Management and Global Brass and Copper Holdings Inc. emerged with new deal plans.

U.S. Foods’ $2.2 billion seven-year senior secured covenant-light term loan B freed up for trading on Wednesday, with levels quoted at 99 7/8 bid, par ¼ offered, according to a trader.

Pricing on the term loan is Libor plus 325 basis points with a step-down to Libor plus 300 bps when net secured leverage is less than 3.25 times and a 0.75% Libor floor. The debt has 101 soft call protection for six months and was sold at an original issue discount of 99.75.

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