Sensata, American Airlines, Sage Automotive break; Metaldyne revised; Level 3 ups deadline

By Sara Rosenberg

New York, Oct. 8 – Sensata Technologies BV finalized the original issue discount on its incremental term loan at the midpoint of guidance and then freed up for trading on Wednesday, and American Airlines Inc. and Sage Automotive Holdings Inc. emerged in the secondary as well.

In more happenings, Metaldyne LLC lifted the size of its term loan B as its bond offering was downsized, and Level 3 Financing Inc. accelerated the commitment deadline on its term loan B.

Furthermore, Crown Holdings Inc. (Crown Americas LLC) and Kellermeyer Bergensons Services LLC released price talk with launch, and Bluestem Brands Inc. disclosed timing on its term loan.

Sensata firmed the original issue discount on its $600 million seven-year incremental term loan (Baa3/BBB) at 99¼, the midpoint of the 99 to 99½ talk, according to a market source, who said pricing was unchanged at Libor plus 275 basis points with a 0.75% Libor floor and the 101 soft call protection for six months was left intact.

Recommitments were due by noon ET on Wednesday and then the deal broke for trading with levels seen at 99½ bid, par offered, sources remarked.

Barclays, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC and Goldman Sachs Bank USA are leading the deal that will be used with $400 million of senior notes and cash on hand to fund the $1 billion acquisition of Schrader International from Madison Dearborn Partners LLC.

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