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MacDonald Dettwiler updates loan, breaks; Breitling reduces euro loan pricing
By Sara Rosenberg
New York, July 7 – MacDonald, Dettwiler & Associates Ltd. (MDA) finalized the spread on its term loan B at the wide end of guidance and then the debt made its way into the secondary market on Friday.
In other happenings, Breitling SA trimmed pricing on its euro term loan and Sky Betting & Gaming surfaced with new deal plans.
MacDonald, Dettwiler & Associates firmed pricing on its $2 billion seven-year covenant-light term loan B (Ba3/BB) at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, and left the 0% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months intact, according to a market source.
After the final terms were in place, the term loan B broke for trading on Friday with levels quoted at par bid, par ¼ offered on the break and then the debt moved up to par 1/8 bid, par 3/8 offered, a trader added.
In addition to the term loan B, the company has received commitments for a $1.25 billion four-year revolver, a $250 million three-year term loan A and a $250 million four-year term loan A, which were syndicated back in May.
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