Curo breaks; SIG Combibloc, Exact Holding, IPC, CSP Technologies emerge with changes

By Sara Rosenberg

New York, Feb. 2 – Curo Health Services’ credit facility made its way into the secondary market on Monday with the first-lien term loan quoted above its original issue discount.

Meanwhile, the primary market saw a few deals undergo some changes, including SIG Combibloc Group AG, which came out with an upsizing to its term loan, a tightening to the spread and offer price, and updates to the call protection and ticking fee.

Also, Exact Holding NV increased pricing, modified original issue discounts and sweetened call premiums on its first- and second-lien term loans, IPC Corp. shifted some funds between its first- and second-lien term loans, and CSP Technologies North America LLC widened the spread and original issue discount on its term loan.

Curo Health Services’ broke for trading on Monday with the $380 million first-lien term loan (B2/B) quoted at 99˝ bid, according to a trader.

Pricing on the first-lien term loan is Libor plus 550 basis points, after firming last week at the wide end of the Libor plus 525 bps to 550 bps talk. There is a 1% Libor floor and 101 soft call protection for one year, which was extended from six months, and the debt was sold at an original issue discount of 99.

The company’s $545 million senior secured credit facility also includes a $45 million revolver (B2/B) and a $120 million second-lien term loan (CCC+) that was privately placed.

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