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Delek term loan frees to trade; Cornerstone OnDemand reveals guidance
By Sara Rosenberg
New York, May 18 – Delek US Holdings Inc.’s $200 million non-fungible incremental covenant-lite term loan B (B1) due March 30, 2025 began trading on Monday afternoon, with levels seen at 93˝ bid, 94˝ offered, according to a market source.
Pricing on the term loan is Libor plus 550 basis points with a 1% Libor floor, and it was sold at an original issue discount of 93. The debt is non-callable for one year and then has a 101 soft call for one year.
In more happenings, Cornerstone OnDemand Inc. held its call in the afternoon and announced talk on its $1,004,700,000 covenant-lite first-lien term loan B due April 22, 2027 at Libor plus 425 bps with a 0% Libor floor, an original issue discount of 95 to 96 and 101 soft call protection for one year, a market source remarked.
The company’s $1,154,700,000 of senior secured credit facilities (B1/B) also include a $150 million five-year revolver.
Commitments are due at noon ET on May 28, the source added.
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