Press Ganey loan changes emerge; HUB International brings refinancing deal to market

By Sara Rosenberg

New York, April 16 – In the primary market on Monday, Press Ganey Holdings Inc. tightened the spread and issue price on its incremental first-lien term loan and added a repricing proposal to the mix, and HUB International Ltd. announced and launched new credit facilities to investors.

Press Ganey trimmed pricing on its $90 million incremental first-lien term loan (B2/B) due October 2023 to Libor plus 275 bps from Libor plus 300 bps and changed the issue price to par from 99.75, according to a market source.

Also, the company is now asking to reprice its existing $838 million term loan (B2/B) due October 2023 to Libor plus 275 bps from Libor plus 300 bps.

HUB International plans to host a lender call at 2 p.m. ET on Monday to launch roughly $3.7 billion of senior secured credit facilities, a market source said.

The facilities consist of a $400 million five-year revolver, a C$130 million five-year revolver, a $3.05 billion seven-year covenant-light term loan B and a C$200 million seven-year covenant-light term loan B.

The loans will be used to repay existing revolver and term loan B borrowings, senior unsecured OpCo notes and senior contingent cash pay notes.

Also, GTT Communications Inc., BCP Renaissance Parent LLC (Blackstone), Perspecta Inc., Alterra Mountain Co. (Intrawest Resorts Holdings Inc.) and Owens & Minor Inc. joined this week’s primary calendar.

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