Booz Allen, U.S. Security changes emerge; Imagine! Print details revealed with launch

By Sara Rosenberg

New York, July 6 – In the primary market on Wednesday, Booz Allen Hamilton Inc. trimmed the size of its term loan B, lowered the spread, removed the Libor floor and tightened the original issue discount.

Booz Allen Hamilton cut its seven-year term loan B (Ba2/BB) to $400 million from $541 million, reduced pricing to Libor plus 275 basis points from the Libor plus 300 bps area, modified the Libor floor to 0% from 0.75% and moved the original issue discount to 99.75 from 99.5, according to a market source.

Also, U.S. Security Associates Inc. lifted pricing on its $450 million seven-year senior secured term loan B to Libor plus 500 bps from Libor plus 475 bps, set the original issue discount at 99, the wide end of the 99 to 99.5 talk, and pushed out the 101 soft call protection to one year from six months, according to a market source.

Furthermore, Imagine! Print Solutions LLC launched its add-on term loan B to investors, and Alliant Insurance Intermediate LLC and Plaskolite LLC joined this week’s new issue calendar with plans for incremental loans.

Alliant Insurance emerged with plans to hold a lender call at 11 a.m. ET on Thursday to launch a $280 million senior secured incremental first-lien term loan B, a market source remarked.

Plaskolite scheduled a conference call for Thursday afternoon to launch a fungible $70 million add-on first-lien term loan, according to a market source.

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