International Textile, Mastronardi deal changes surface; HUB moves up commitment deadline

By Sara Rosenberg

New York, April 18 – International Textile Group Inc. on Wednesday shifted some funds between its first- and second-lien term loans, increased pricing, sweetened call premiums and shortened maturities on the tranches and widened the Libor floor and issue price on the second-lien loan.

International Textile lifted its first-lien term loan to $585 million from $575 million and raised pricing to Libor plus 500 basis points from talk in the range of Libor plus 450 bps to 475 bps. The company’s second-lien term loan was scaled back to $125 million from $135 million, the spread was increased to Libor plus 900 bps from talk in the range of Libor plus 850 bps to 875 bps, the Libor floor was changed to 1% from 0%, and the original issue discount was moved to 97 from 98.5.

Also, Mastronardi Produce increased the size of its term loan B while tightening the spread and original issue discount.

HUB International Ltd. moved up the commitment deadline on its credit facilities to noon ET on Thursday from noon ET on Friday, a market source said.

In addition, Albertsons Cos. Inc., Owens & Minor Inc., Perspecta Inc., KeyW Corp., Orion Engineered Carbons and Bronco Midstream Funding LLC announced price talk with launch, and Syneos Health Inc., Consolidated Energy Ltd. and Speedcast International Ltd. emerged with new deal plans.

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