Sensata breaks; Advanced Drainage, Cumulus, CoAdvantage, Vigor/MHI updates emerge

By Sara Rosenberg

New York, Sept. 18 – Sensata Technologies Inc.’s $463,041,097 seven-year covenant-lite senior secured amended and extended term loan B freed up for trading on Wednesday, with levels quoted at par ¼ bid, par ¾ offered.

Pricing on the term loan is Libor plus 175 basis points with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Moving to the primary market, Advanced Drainage Systems Inc. lowered the spread on its $700 million seven-year first-lien term loan to Libor plus 225 bps from talk in the range of Libor plus 275 bps to 300 bps, and tightened the original issue discount to 99.75 from 99.

Cumulus Media Inc. cut the spread on its $525 million term loan B to Libor plus 375 bps from Libor plus 400 bps and adjusted the original issue discount to 99.5 from 99.

Also, CoAdvantage (AQ Carver Buyer Inc.) widened spreads and original issue discounts on its first- and second-lien term loans, and made a number of documentation changes, Vigor Industrial/MHI Holdings raised pricing on its term loan B, and Medical Solutions came out with price talk on its incremental term loans with launch.

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