Pabst breaks; Scientific Games dips; Southeast PowerGen, Ability Network revised

By Sara Rosenberg

New York, Nov. 5 – Pabst Brewing Co. (Blue Ribbon LLC) added a leverage-based pricing step-down to its first-lien term loan and then allocated on Wednesday afternoon with both the first- and second-lien term loans freeing up for trading above their original issue discounts.

Also in trading, Scientific Games Corp.’s term loan debt was lower after the company revealed plans to get an incremental loan.

Switching to the primary market, Southeast PowerGen LLC reduced the spread on its term loan B and accelerated the commitment deadline, Norwegian Cruise Line Holdings Ltd. tightened the spread and original issue discount on its term loan B, and Ability Network Inc. modified the offer price on its incremental second-lien loan.

In addition, TierPoint, Bridon Ltd. and Summit Research Labs released talk with launch, CareCore National LLC disclosed original issue discount guidance on its add-on term loan, and C&J Energy Services Inc., Unite Private Networks and Cision Inc. emerged with new deal plans.

Pabst Brewing’s credit facility hit the secondary market on Wednesday with the $395 million seven-year first-lien term loan (B1/B) quoted at 99 7/8 bid, par 3/8 offered and the $130 million eight-year second-lien term loan (Caa1/CCC+) quoted at par bid, according to a market source.

Pricing on the first-lien term loan is Libor plus 475 basis points with a newly added step-down to Libor plus 450 bps when total net leverage is less than 5.5 times.

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