American Axle, Guggenheim break; Wells Enterprises up with acquisition; Axalta tweaked

By Sara Rosenberg

New York, Dec. 7 – American Axle & Manufacturing Inc. increased the size of its term loan B, lowered the spread from initial talk and modified the issue price before breaking for trading on Wednesday, and Guggenheim Partners Investment Management Holdings’ term loan B made its way into the secondary market as well.

On Wednesday morning, American Axle changed the price talk on its seven-year term loan B to a range of SOFR plus 350 basis points to 375 bps from SOFR plus 375 bps and tightened the original issue discount to 97 from 96, according to a market source.

Guggenheim Partners’ $785 million seven-year term loan B freed to trade in the morning, with levels quoted at 98 3/8 bid, 98 7/8 offered, according to a market source.

Also, Wells Enterprises’ term loan rose by a few points in trading following news that the company is being acquired by The Ferrero Group.

And, in more happenings, Axalta Coating Systems Ltd. reduced the spread on its term loan B and tightened the original issue discount, and 888 Holdings plc (888 Acquisitions) came to market and priced an add-on term loan B.

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