Allnex, Cypress Semiconductor update deals, break; Acelity sets talk on extension proposal

By Sara Rosenberg

New York, June 3 – Allnex (Allnex Sarl and Allnex USA Inc.) increased the size of its U.S. term loan B, decreased the size of its euro term loan B and set the spread on all of the debt at the tight end of revised guidance before freeing up for trading on Friday.

Following the receipt of recommitments, Allnex’s U.S. loans broke for trading, with the strip of B-2 and B-3 debt quoted at par bid, 100½ offered, a trader said.

Furthermore, Cypress Semiconductor Corp. revised the size of its term loan B to $450 million from a revised amount of $400 million, added a pricing step-down and readjusted the original issue discount, and then it too broke for trading, and Acelity LP Inc. released details on its amended and extended term debt with launch.

Cypress added a 25-bps step-down in pricing at less than 3 times net total leverage and moved the original issue discount to 98.5 from revised talk of 98 and initial talk of 98 to 99, a market source said.

With final terms in place, Cypress’ term loan B was quoted at 99 bid, 99¾ offered, a trader remarked.

Also, AlliedUniversal (USAGM Holdco LLC), Alorica Inc., Verso Corp., Life Time Fitness Inc. (LTF Merger Sub Inc.), Petco Animal Supplies Inc., PolyOne Corp., Veritas Technologies Corp. and Americold Realty Operating Partnership LP joined the near-term new issue calendar.

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