Victra term loan B frees to trade; Help at Home firms incremental loan terms

By Sara Rosenberg

New York, March 29 – Victra (LSF9 Atlantis Holdings LLC) saw its term loan B make its way into the secondary market on Tuesday morning, with levels quoted above its original issue discount.

Victra’s $620 million seven-year term loan B (B2/B/B+) began trading with levels quoted at 97¼ bid, 98¼ offered on the break and then it moved up to 97½ bid, 98½ offered, according to a market source.

Pricing on the term loan is SOFR plus 725 basis points with a 0.75% floor and it was sold at an original issue discount of 96. The debt has 101 hard call protection for one year and a springing maturity to November 2025, three months inside of its 7¾% senior secured notes due February 2026.

During syndication, the term loan was upsized from $600 million, the spread was set at the high end of the SOFR plus 700 bps to 725 bps talk, the discount widened from 98, the call protection was revised from a 101 soft call for one year, amortization was modified to 5% per annum, MFN was changed to 50 bps for life with no carve-outs, Serta/J Crew/Chewy protections were added, and some baskets were tightened, including the incremental.

In other news, Help at Home (HAH Group Holding Co. LLC) finalized the original issue discount on its incremental first-lien term loan at the wide end of guidance.

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