TTM, KinderCare free to trade; Solenis changes surface; PG&E shelves refinancing

By Sara Rosenberg

New York, May 23 – TTM Technologies Inc. set the spread on its term loan B at the low end of guidance before breaking for trading on Tuesday, and KinderCare Learning Cos. Inc.’s first-lien term loan hit the secondary market as well.

TTM Technologies firmed on its $350 million seven-year term loan B (Ba1//BB+) at SOFR plus 275 basis points, the low end of the SOFR plus 275 bps to 300 bps talk, according to a market source.

As before, the term loan has a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Meanwhile, in other happenings, Solenis reduced the size of its incremental term loan B and widened the spread and original issue discount, PG&E Corp. withdrew its term loans from market, and UKG Inc. approached lenders with an incremental first-lien term loan.

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