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Belk updates spread talk, adjusts issue price; Diamond Resorts brings tack-on loan to market
By Sara Rosenberg
New York, Nov. 18 – Belk Inc. on Wednesday set pricing on its term loan B at the high end of guidance and widened the original issue discount, and Diamond Resorts Corp. launched a tack-on first-lien term loan to investors.
Belk revised price talk on its $1.5 billion seven-year first-lien covenant-light term loan B (B2/B+) to Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 89, from initial talk at launch of Libor plus 450 bps to 475 bps talk with a 1% Libor floor and a discount of 98 to 98.5, according to a market source.
Diamond Resorts hosted a lender call at 2 p.m. ET on Wednesday to launch a $150 million tack-on first-lien term loan due May 2021 that is talked at Libor plus 450 bps with a 1% Libor floor and an original issue discount of 98 to 98.5, a market source said.
Meanwhile, in the secondary market, Shearer’s Foods LLC’s incremental term loan held steady in its second day of trading.
Shearer’s Foods’ $225 million incremental first-lien term loan (B1/B) was quoted at 99 bid, 99½ offered, in line with where it freed up for trading on Tuesday, a trader remarked.
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