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Amplify Snack breaks into secondary atop OID; Xplornet Communications revises deadline
By Sara Rosenberg
New York, Aug. 24 – Amplify Snack Brands Inc.’s credit facility freed up for trading during Wednesday’s market hours, with the term loan quoted above its original issue discount.
Amplify Snack Brands’ $600 million seven-year covenant-light term loan was seen at 99¼ bid, 100¼ offered, according to a trader.
Pricing on the term loan is Libor plus 550 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.
During syndication, the spread on the term loan was increased from Libor plus 525 bps, the call protection was extended from six months, the MFN sunset was eliminated, and the incremental free and clear allowance was reduced to $50 million from $100 million.
Switching over to the primary market, Xplornet Communications Inc. revised the commitment deadline on its $335 million credit facility to 5 p.m. ET on Friday from Aug. 31 since the deal is “going very well,” a market source said.
Allocations will likely occur during the week of Sept. 5, the source added.
The facility consists of a $285 million five-year term loan (B1/B) and a $50 million revolver (Ba3/B+).
Talk on the term loan is Libor plus 600 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for one year.
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