Pathway Vet frees to trade; Blucora tweaks pricing; thyssenkrupp, United, Cox set talk

By Sara Rosenberg

New York, June 23 – Pathway Vet Alliance LLC’s bank debt freed up for trading on Tuesday, with the strip of $943,333,000 funded and $76,667,000 million delayed-draw first-lien term loan debt (B2/B) due March 2027 quoted at 98 bid, 99 offered, a market source remarked.

Pricing on the first-lien term loan debt is Libor plus 400 basis points with a 0% Libor floor and it was sold at an original issue discount of 97.5. The first-lien term loan debt has a 101 soft call protection for six months. The delayed-draw piece will be undrawn at close and the commitment terminates in March 2022. There is a ticking fee of half the drawn spread until June 30 and the full spread thereafter on the delayed-draw loan.

During syndication, the funded first-lien term loan was upsized from $868 million, pricing firmed at the low end of the Libor plus 400 bps to 425 bps talk, the discount was revised from 97 and there was some overall lender-friendly tightening of the document.

Over in the primary market, Blucora Inc. finalized the spread on its add-on term loan at the low end of guidance and tightened the original issue discount.

Also, thyssenkrupp Elevator, United Mileage Plus and Cox Media Group announced price talk on their loan transactions with launch.

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