Greatbatch frees to trade, Sylvamo firms pricing; Reedy, LendingTree ready allocations

By Sara Rosenberg

New York, Aug. 20 – Greatbatch Ltd. (Integer) saw its term loan B make its way into the secondary market on Friday, and trading levels were quoted above the original issue discount.

Meanwhile, in the primary market, Sylvamo Corp. finalized the spread on its term loan B at the high end of revised guidance, and Reedy Industries and LendingTree are planning on allocating their loan transactions within the next few days.

Greatbatch’s $350 million seven-year senior secured covenant-lite term loan B (Ba3/BB-) freed to trade on Friday, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is Libor plus 250 basis points with a 0.5% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

Moving to the primary market, Sylvamo set pricing on its $450 million seven-year term loan B at Libor plus 450 bps, the wide end of revised talk of Libor plus 425 bps to 450 bps and up from initial talk in the range of Libor plus 275 bps to 300 bps, a market source remarked.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

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