Energy Future, Blue Bird, Gray Television revise deals; Gates Global accelerates deadline

By Sara Rosenberg

New York, June 9 – In the primary market on Monday, Energy Future Intermediate Holding Co. LLC (EFIH Finance Inc.) tightened the offer price on its first-lien debtor-in-possession term loan, and Blue Bird Body Co. reworked its tranche sizes while widening pricing on its term loan.

Also, Gray Television Inc. upsized its term loan, Gates Global LLC moved up the commitment deadline on its credit facility, GST AutoLeather Inc. and Verdesian Life Sciences disclosed price talk with launch, and Seadrill and Progressive-PMSI released original issue discount talk on their add-on term loans.

Furthermore, Healogics Inc., Academi Holdings LLC, Alion Science and Technology Corp., Birch Communications Inc., New Albertson’s Inc. and Spencer Spirit Holdings Inc. are getting ready to bring new deals to market.

Energy Future Intermediate Holding modified the offer price on its $1,325,000,000 24-month superpriority first-lien debtor-in-possession term loan to par from 99 and kept pricing at Libor plus 325 basis points with a 1% Libor floor, according to a market source.

Commitments were due at 5 p.m. ET on Monday, the source said.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., RBC Capital Markets and Union Bank are leading the deal that will be used to fund Chapter 11 expenses, to refinance existing first-lien notes, for adequate protection payments, working capital and general corporate purposes and to comply with any legal and/or regulatory requirements.

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