Camping World, Lighthouse Network break; Sterling Talent, VerticalScope update deal terms

By Sara Rosenberg

New York, Oct. 4 – Camping World upsized its add-on senior secured term loan due Nov. 8, 2023, and then the debt, as well as the company’s repriced term loan, freed up for trading on Wednesday.

The company raised the add-on term loan to $205 million from $195 million, according to a market source.

As before, the add-on term loan and the repricing of the company’s existing $736 million senior secured term loan B due Nov. 8, 2023 are priced at Libor plus 300 basis points with a 0.75% Libor floor and include 101 soft call protection for six months. The add-on loan has an original issue discount of 99.75, and the repricing has a par issue price.

On Tuesday, the spread on the term debt was set at the low end of the Libor plus 300 bps to 325 bps talk.

Recommitments were due at 12:30 p.m. ET on Wednesday, and the term loan debt made its way into the secondary market in the afternoon, with levels quoted at par ¼ bid, par 3/8 offered, another source added.

Lighthouse Network LLC’s incremental first-lien term loan surfaced in the secondary too.

In more happenings, Sterling Talent Solutions set pricing on its term loan at the wide end of guidance, VerticalScope upsized its revolver and delayed-draw term loan, and ThoughtWorks Inc. accelerated the commitment deadline on its credit facilities.

Furthermore, United Road Services Inc. and Catalent Pharma Solutions Inc. released price talk with launch.

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