Citadel, EyeCare Partners incremental term loans free to trade following updates

By Sara Rosenberg

New York, Aug. 18 – Citadel upsized its incremental term loan B, trimmed the spread and finalized the original issue discount at the tight end of guidance before breaking for trading on Thursday afternoon.

Additionally, EyeCare Partners LLC increased the size of its incremental first-lien term loan and then made its way into the secondary market as well.

Citadel revised, breaks

Citadel raised its incremental term loan B due February 2028 (Baa3/BBB-) to $600 million from $400 million, lowered pricing to SOFR plus 300 basis points from SOFR plus 325 bps and set the original issue discount at 98, the tight end of the 97 to 98 talk, according to a market source.

The term loan still has a 0% floor, CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Thursday, and the incremental term loan started trading later in the day, with levels quoted at 98½ bid, 99½ offered, another source added.

Goldman Sachs Bank USA, BofA Securities Inc. and JPMorgan Chase Bank are leading the deal that will be used for additional trading capital and general corporate purposes. BofA Securities is the administrative agent.

Along with this transaction, the company is amending its existing $2.963 billion term loan B. Lenders were offered a 5 bps consent fee and the amendment passed by majority consent.

Citadel is a Chicago-based provider of market-making services in equities, options and fixed income products.

EyeCare tweaked, trades

EyeCare Partners lifted its non-fungible incremental first-lien term loan due November 2028 (B2/B-) to $250 million from $225 million, a market source remarked.

As before, the term loan is priced at SOFR+10 bps CSA plus 450 bps with a 0.5% floor and an original issue discount of 93, and has 101 soft call protection for six months.

Recommitments were due at 10:30 a.m. ET on Thursday, and the incremental term loan broke for trading in the afternoon, with levels quoted at 93½ bid, 94½ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used for tuck-in acquisition financing and to repay revolver borrowings associated with tuck-in acquisition activity.

EyeCare Partners is a St. Louis-based eye care services provider.

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