Sundyne, Kissner update deal terms, free to trade; Duff & Phelps changes surface

By Sara Rosenberg

New York, March 3 – Sundyne (Star US Bidco LLC) raised pricing on its $535 million seven-year covenant-lite first-lien term loan B to Libor plus 425 basis points from Libor plus 375 bps, eliminated the step-downs of 25 bps at 5x net first-lien leverage and 25 bps step-down at an initial public offering, and changed the Libor floor to 1% from 0% before breaking for trading on Tuesday.

Additionally, the company adjusted the original issue discount on the term loan to 99 from 99.5 and pushed out the 101 soft call protection to one year from six months.

Late in the day, Sundyne’s bank debt freed up for trading and the term loan B was quoted at 99½ bid, par ¼ offered.

Also, Kissner Group Holdings LP (SCIH Salt Holdings Inc.) eliminated pricing step-downs from its first-lien term loan B, changed the Libor floor, finalized the original issue discount at the wide end of guidance and sweetened the call protection, and then freed up late in the day.

In more happenings, Duff & Phelps widened spread talk and original issue discounts on its U.S. and euro term loans, and modified the Libor floor on the U.S. tranche, and Tata Chemicals North America Inc. released price talk with launch.

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