Signant Health breaks; First Student dips with downgrade; Copeland updates pricing

By Sara Rosenberg

New York, May 3 – Signant Health (Bracket Intermediate Holding Corp.) modified the original issue discount on its first-lien term loan and made some changes to documentation, and then the debt freed to trade on Wednesday.

Signant adjusted the original issue discount on its $980 million five-year first-lien term loan to 97 from 96.5 and made some lender friendly documentation revisions, according to a market source.

As before, the term loan is priced at SOFR+10 basis points CSA plus 500 bps with one 25 bps leverage-based step-down and a 0.5% floor, and has 101 soft call protection for six months.

Also, First Student (First Student Bidco Inc.) saw its strip of term loan B and term loan C soften in the secondary market after Moody’s Investors Service trimmed the company’s ratings.

In more happenings, Copeland trimmed the spread on its term loan B, Aventiv Technologies LLC and AL NGPL Holdings LLC released price talk with launch, and Ryman Hospitality Properties (RHP Hotel Properties LP) joined this week’s primary calendar.

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