Ortho Clinical Diagnostics allocates; BJ's sets talk; MagicLab upsizes, tightens

By Paul A. Harris

Portland, Ore., Jan. 17 – In Friday's primary market, Ortho-Clinical Diagnostics finalized pricing on its €337 million ($375 million equivalent) senior secured term loan with a 350 basis points spread to Euribor at par.

The deal allocated on Friday.

The spread comes inside of the 375 to 400 bps talk.

Discount talk was 99.5, widened from earlier talk of 99 to 99.5.

BJ's Wholesale Club Inc. set talk in the repricing of its $1,319,000,000 first-lien term loan due Feb. 3, 2024.

The deal is talked with a 225 bps spread to Libor at par, with a stepdown to 200 bps effective no earlier than six months after closing and subject to senior secured facility ratings of Ba3 from Moody's Investors Service and BB from S&P.

And, MagicLab upsized its seven-year covenant-lite senior secured term loan B (B1/B+/BB) to $550 million from $500 million.

Talk tightened to Libor plus 300 to 325 bps from 375 to 400 bps.

The discount was trimmed, with pricing increased to 99.75, up from previous talk of 99.

The deal retains a 0% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

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