Wrench Group, Park Place Technologies free up; Vizient revises deadline; Adient sets talk

By Sara Rosenberg

New York, April 15 – Wrench Group LLC set the spread on its funded and delayed-draw first-lien term loans at the low end of guidance and eliminated the leverage-based pricing step-downs before breaking for trading on Monday, and Park Place Technologies’ add-on term loan B emerged in the secondary market as well.

Wrench Group’s strip of funded and delayed-draw term loan debt was quoted at 99¼ bid, par offered, a source said.

Park Place Technologies allocated its $54 million add-on term loan B, and the debt broke for trading at 99½ bid, 100¼ offered, a market source said.

In more happenings, Vizient Inc. accelerated the commitment deadline for its term loan B, Adient plc disclosed price talk on its term loan B with launch, and Process Solutions joined this week’s primary calendar.

Vizient moved up the commitment deadline for its $500 million seven-year term loan B to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, a market source remarked.

Adient announced talk on its $750 million five-year covenant-lite term loan B (Ba2/BB-) at Libor plus 450 bps with a 0% Libor floor and an original issue discount of 99, a market source said.

Process Solutions set a bank meeting for 10 a.m. ET in New York on Tuesday to launch $405 million of credit facilities (B/BB-), according to a market source.

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