Virgin Media/O2, Waystar, LegalShield, RCN Grande disclose price talk with launch

By Sara Rosenberg

New York, Sept. 8 – In the primary market on Tuesday, Virgin Media/O2, Waystar (Navicure), LegalShield and RCN Grande (Radiate Holdco LLC) released price talk on its their loan transactions in connection with their lender calls.

Virgin Media/O2 held a lender call at 11 a.m. ET to launch new term loans (Ba3/BB-/BB+), split between a pound sterling-denominated term loan A, a euro-denominated covenant-lite term loan B due January 2029 and a U.S. dollar denominated covenant-lite term loan B due January 2029, market sources said.

Talk on the U.S. and euro term loan B debt is Libor/Euribor plus 325 basis points with a 0% floor, an original issue discount of 98.5 to 99, 101 soft call protection for six months, and a ticking fee of half the spread for days 46 to 90 and the full spread thereafter.

Waystar hosted a lender call at 2 p.m. ET to launch a non-fungible $620 million incremental first-lien term loan B due October 2026 talked at Libor plus 425 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

RCN Grande held a lender call during the session to launch a $1.19 billion term loan B due September 2026 talked at Libor plus 400 bps with a 0.75% Libor floor and an original issue discount of 98.5 to 99.

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