Hayward Industries tweaks deal; Grizzly Acquisitions, Presidio disclose price guidance

By Sara Rosenberg

New York, Sept. 7 – In the primary market on Friday, Hayward Industries Inc. increased the size of its add-on first-lien term loan and modified the original issue discount, and Grizzly Acquisitions Inc. (Brookfield Infrastructure) and Presidio Inc. released price talk with launch.

Also, Contura Energy Inc., pH Beauty III Holdings Inc., Moda Midstream, Lotus Midstream and Virtu Financial Inc. hopped onto the near-term primary calendar.

Hayward Industries raised its fungible add-on covenant-light first-lien term loan due Aug. 4, 2024 to $150 million from $125 million and changed the original issue discount to 99.75 from 99.5, according to a market source.

As before, the add-on term loan is priced at Libor plus 350 basis points with a 0% Libor floor, and has 101 soft call protection for six months.

Grizzly Acquisitions launched its $1 billion seven-year senior secured covenant-light term loan B (Ba3) at talk of Libor plus 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

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