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Vizient term loan shows improvement; GCA Services reveals first-lien term loan guidance
By Sara Rosenberg
New York, Feb. 10 – Vizient Inc.’s term loan inched its way higher in the secondary market on Wednesday from where it broke for trading during the previous session.
Vizient’s $1,275,000,000 seven-year secured term loan was seen at 98¼ bid, 98 7/8 offered, versus late Tuesday levels of 98 bid, 98¾ offered and breaking levels of 97¾ bid, 98¾ offered earlier that day, according to a trader.
The term loan is priced at Libor plus 525 basis points with a 1% Libor floor, and it was sold at an original issue discount of 97. The debt has 101 soft call protection for one year.
Meanwhile, over in the primary market, GCA Services Group Inc. came out with price talk on its first-lien term loan in connection with its bank meeting.
GCA Services held its bank meeting on Wednesday afternoon, and with the event, talk on its $515 million seven-year covenant-light first-lien term loan (B1/B) emerged at Libor plus 475 bps with a 1% Libor floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, a market source said.
Commitments are due at noon ET on Feb. 19, the source added.
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