Kontoor, II-VI, Wells Enterprises free up; ThoughtWorks revised; Jefferies, Sirius set talk

By Sara Rosenberg

New York, May 8 – Kontoor Brands Inc. set the spread on its term loan B at the low end of guidance before breaking for trading on Wednesday, and deals from II-VI Inc. and Wells Enterprises Inc. began trading as well.

Kontoor Brands firmed pricing on its $300 million seven-year covenant-lite term loan B at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, and removed the MFN sunset, according to a market source.

Late Wednesday, the term loan B surfaced in the secondary market and was quoted at 99¾ bid, a trader added.

II-VI’s $720 million seven-year covenant-lite term loan B (B1/BB-/BB+) also broke for trading, with levels quoted at 99½ bid, par offered, a trader said.

Wells Enterprises’ fungible $100 million add-on covenant-lite term loan (B1/BB) due 2025 began trading as well, with levels quoted at 99 7/8 bid, 100 3/8 offered, a trader remarked.

Also, ThoughtWorks Inc. modified the original issue discount on its incremental first-lien term loan, Jefferies Finance LLC, Sirius Computer Solutions Inc., Hargray Communications Group Inc. and Medallion Midland Acquisition LP released price talk with launch, and Horizon Therapeutics plc emerged with new deal plans.

Horizon Therapeutics set a call for 11 a.m. ET on Thursday to launch a new loan transaction to current and prospective lenders, a market source said.

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