Sabre, Storable break for trading; Goodnight pulls loan; Colibri accelerates deadline

By Sara Rosenberg

New York, March 1 – Sabre increased the size of its term loan and set the spread at the high end of guidance, and Storable Inc. widened the original issue discount on its incremental first-lien term loan, and then both of these deals made their way into the secondary market on Tuesday.

In other news, Goodnight Midstream (Goodnight Water Solutions LLC) withdrew its term loan B from market, Colibri Group (McKissock Investment Holdings LLC) moved up the commitment deadline for its first-lien term loan, and Compass Power Generation LLC released price talk with launch.

Sabre upsized, frees

Sabre raised its term loan due 2028 to $625 million from $500 million and firmed pricing at SOFR+10 basis points CSA plus 425 bps, the high end of the 400 bps to 425 bps talk, according to a market source.

The term loan has a 0.5% floor, an original issue discount of 99 and 101 hard call protection for one year.

On Tuesday, the term loan broke for trading and levels were quoted at 99 1/8 bid, 99½ offered, a trader added.

BofA Securities Inc. is leading the deal that will be used to refinance a portion of the company’s term loan B due 2024.

Sabre is a Southlake, Tex.-based software and technology company for the travel industry.

Storable revised, trades

Storable changed the original issue discount on its fungible $130 million incremental covenant-lite first-lien term loan due April 2028 to 98.75 from 99, a market source said.

As before, the incremental first-lien term loan is priced at SOFR plus 350 bps with a 0.5% floor and has 101 soft call protection for six months.

Commitments continued to be due at noon ET on Tuesday, and the incremental first-lien term loan freed to trade in the afternoon, with levels quoted at 98¾ bid, 99½ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used with a fungible $30 million privately placed incremental second-lien term loan to fund a distribution to shareholders.

In connection with this transaction, pricing on the company’s existing first-lien term loan is changing to SOFR plus 350 bps with a 0.5% floor from Libor plus 325 bps with a 0.5% Libor floor.

Storable is an Austin, Tex.-based provider of integrated technology solutions to the self-storage industry.

Goodnight shelved

Goodnight Midstream decided to pull its $400 million five-year term loan B (B3/B) from the primary market as a result of current market volatility, according to a market source.

Talk on the term loan was SOFR+CSA plus 625 bps to 650 bps with a 1% floor, an original issue discount of 98 to 99 and hard call protection of 102 in year one and 101 in year two.

CSA was a 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Wells Fargo Securities LLC was the left lead arranger on the deal that was going to be used to refinance existing debt.

Goodnight Midstream is a Dallas-based produced water midstream company, which owns and operates critical produced water infrastructure for oil production in the Bakken, Permian and Eagle Ford Basins.

Colibri tweaks timing

Colibri accelerated the commitment deadline for its $645 million seven-year first-lien term loan (B2/B) to noon ET on Thursday from 5 p.m. ET on Monday, a market source remarked.

Talk on the first-lien term loan is SOFR+CSA plus 500 bps area with a 0.75% floor, an original issue discount of 99 and 101 soft call protection for six months.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The company’s $875 million of credit facilities also include a $50 million five-year revolver and a $180 million privately placed second-lien term loan.

Jefferies LLC, Macquarie Capital (USA) Inc., Capital One, Golub and SMBC are leading the deal that will be used with $100 million of new equity to refinance existing debt and fund the acquisitions of Becker Professional Education and OnCourse Learning from Adtalem Global Education.

Colibri, backed by Gridiron Capital LLC, is a St. Louis-based provider of career lifecycle management for mandatory professional education solutions. Becker is a provider of accounting continuing professional education and test prep. OnCourse is a provider of professional education to financial institutions.

Compass Power guidance

Compass Power Generation held its lender call on Tuesday morning and announced talk on its $650 million seven-year senior secured term loan B (B+) at SOFR plus 400 bps to 425 bps with a 1% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on March 10, the source added.

Morgan Stanley Senior Funding Inc., MUFG, Credit Agricole and Truist are leading the deal that will be used to refinance an existing loan.

Compass Power is an owner and operator of gas-fired power plants.

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