UKG, Protective Industrial term loans free to trade; Copeland final sizes expected soon

By Sara Rosenberg

New York, May 25 – UKG Inc. finalized the spread on its incremental first-lien term loan at the low end of guidance, and Protective Industrial Products Inc. (PIP) modified the original issue discount on its incremental first-lien term loan and extended the call protection, and then both of these deals broke for trading on Thursday.

UKG set pricing on its non-fungible $400 million incremental covenant-lite first-lien term loan (B1/B-) due May 2026 at SOFR plus 450 basis points, the low end of the SOFR plus 450 bps to 475 bps talk, a market source said.

The incremental term loan still has 10 bps CSA, a 0.5% floor, an original issue discount of 97.5 and 101 soft call protection for six months.

In more happenings, Copeland is expected to finalize sizes of its term loan A and term loan B during the week of May 29 in connection with the completion of its buyout by Blackstone.

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