MagicLab prices; Froneri details €5.7 billion loans; Open Lending increases spread talk

By Paul A. Harris

Portland, Ore., Jan. 24 – In Friday’s bank loan market MagicLab priced its upsized $575 million seven-year covenant-lite senior secured term loan B (B1/B+/BB) with a 275 basis points spread to Libor at 99.75.

And Froneri International Ltd. released details and updated pricing on the €5.7 billion equivalent package of loans.

Open Lending LLC increased the spread talk and discount on its $225 million seven-year term loan B.

Changes made

MagicLab priced its upsized $575 million seven-year covenant-lite senior secured term loan B (B1/B+/BB) with a 275 bps spread to Libor at 99.75.

The size was initially set at $500 million and then pushed up to $550 million before pushing up another $25 million to end at $575 million.

The loan came on top of final talk, revised from earlier talk of 300 bps to 325 bps. Initial talk was in the Libor plus 375 bps to 400 bps area.

The issue price came on top of final discount talk. Initial price talk was 99.

Froneri released details and updated pricing on its €5.7 billion equivalent package of loans.

Proceeds will be used to fund the acquisition of Nestle USA’s ice cream business for $4 billion, to refinance existing debt and for general corporate purposes (see related story in this issue).

Open Lending LLC increased the spread talk and discount on its $225 million seven-year term loan B.

The deal is now talked with a 600 bps spread to Libor, revised from 525 bps to 550 bps. Revised price talk adds one full point of original issue discount, with the price moving to 98 from 99.

The deadline is extended to Jan. 31 from the previous deadline of Jan. 23.

Lender calls/bank meetings

RBMedia plans to participate in a lender meeting set to begin at 10 a.m. ET on Monday.

The digital audiobook and spoken-word content producer intends to syndicate a $350 million first-lien term loan add-on.

National Mentor, formerly known as Civitas, plans to participate in a lender call set to begin at 10 a.m. ET on Monday, as it launches a $205 million fungible incremental first-lien term loan.

Jane Street Group, LLC plans to kick off a $1.5 billion first-lien term loan B extension on a Monday lender call.

PQ Corp. will participate in a lender call on Monday. Citigroup is the arranger.

And in a repricing GFL Environmental Inc. plans to kick off a repricing of $2.58 billion of first-lien term loan B debt due May 31, 2025 on a Monday lender call.

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