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Allison Transmission frees up; Upstream Rehabilitation, Aimbridge float talk
By Sara Rosenberg
New York, Oct. 8 – Allison Transmission Inc.’s repriced term loan B made its way into the secondary market on Tuesday, with levels quoted above its issue price.
Specifically, the $646 million senior secured covenant-lite term loan B due March 29, 2026 broke for trading 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.
And, over in the primary market, Upstream Rehabilitation came out with price talk on its first- and second-lien term loans with launch.
Talk on the first-lien term loan is Libor plus 450 bps to 475 bps with a 0% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 850 bps with a 0% Libor floor and a discount of 99.
Aimbridge Hospitality came out with original issue discount talk in the range of 99 to 99.5 on its fungible $400 million add-on covenant-lite term loan B due February 2026 that launched in the morning, and Ontic (Bleriot US Bidco Inc.) joined this week’s primary calendar.
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