Pacific Bells, IMA tweak deals; Anthology, Filtration, Synaptics, Heubach, Avantor set talk

By Sara Rosenberg

New York, Oct. 12 – In the leveraged loan primary market on Tuesday, Pacific Bells LLC reduced the size of its delayed-draw term loan B, and widened spread and original issue discount on the delayed-draw and funded term debt, and IMA Financial Group trimmed pricing on its term loan and modified issue price talk.

Also, Anthology, Filtration Group, Synaptics Inc., Heubach Group, Avantor Inc., Instructure and Traverse Midstream Partners LLC released price talk with launch.

In addition, Multi-Color Corp., Chamberlain Group LLC (Chariot Buyer LLC), Pathway Vet Alliance LLC, Idera Inc., McGraw-Hill Education Inc., Draslovka Holding (Manchester Acquisition Sub LLC) and Astound Broadband (Radiate HoldCo LLC) joined this week’s primary calendar.

In its deal, Pacific Bells scaled back its seven-year covenant-lite delayed-draw term loan B to $25 million from $75 million, increased pricing on the delayed-draw term loan and on its $460 million seven-year covenant-lite term loan B to Libor plus 450 basis points from Libor plus 425 bps, and revised the original issue discount on the debt to 99 from 99.5, according to a market source.

As before, the term loan debt has a 0.5% Libor floor and 101 soft call protection for six months.

The company’s now $535 million of credit facilities also include a $50 million five-year revolver.

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