Sabre, Pike term loans free to trade atop OIDs; Asurion shops term loan B-10

By Sara Rosenberg

New York, Aug. 10 – Sabre GLBL Inc. finalized the size of its term loan B at the midpoint of revised talk, and Pike Corp. set the spread on its incremental term loan B at the low end of talk and tightened the original issue discount, and then both of these deals made their way into the secondary market on Wednesday.

In more happenings, Asurion LLC approached lenders with a new term loan B-10 to take out an existing term loan B-6.

Sabre updated, trades

Sabre firmed the size of its term loan B due June 30, 2028 at $675 million, the middle of revised talk of $650 million to $700 million and higher than the initial amount of $400 million, according to a market source.

Pricing on the term loan is SOFR+10 basis points CSA plus 500 bps with a 0.5% floor and an original issue discount of 95, and the debt has 101 hard call protection for one year.

Previously in syndication, pricing on the term loan finalized at the high end of the SOFR plus 475 bps to 500 bps talk and the discount was set at the tight end of the 94 to 95 guidance.

The term loan B began trading on Wednesday, with levels quoted at 96 bid, 97 offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to prepay a portion of the company’s term loan B due 2024 and pay related fees and expenses.

Sabre is a Southlake, Tex.-based software and technology company for the travel industry.

Pike revised, breaks

Pike finalized pricing on its non-fungible $300 million incremental senior secured covenant-lite term loan B due Jan. 21, 2028 (Ba3/B) at SOFR plus 350 bps, the low end of the SOFR plus 350 bps to 375 bps talk, and adjusted the original issue discount to 97.5 from talk in the range of 95 to 96, a market source remarked.

As before, the incremental term loan has a 0% floor, CSA of 0 bps and 101 soft call protection for six months.

Recommitments were due at 2:30 p.m. ET and the term loan freed up later in the day, with levels quoted at 98 bid, 99 offered, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to repay the company’s outstanding 364-day second-lien term loan and to fund a portion of a contemplated acquisition.

Closing is expected on Monday.

Pike is a Mount Airy, N.C.-based specialty construction and engineering firm.

Asurion holds call

Asurion held a lender call at noon ET, launching a $1.184 billion term loan B-10 (B+) due 2028 at talk of SOFR+10 bps CSA plus 400 bps to 425 bps with a 0% floor, an original issue discount of 95 and 101 soft call protection for one year, a market source said.

Commitments are due at 5 p.m. ET on Aug. 16, the source added.

BofA Securities Inc. is the left lead on the deal that will be used with $600 million of cash on the balance sheet to refinance an existing term loan B-6 due November 2023.

Asurion is a Nashville-based provider of technology-protection services.

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