Templar Energy dips with launch; LA Fitness, Wencor, Liberty Cablevision tweaked

By Sara Rosenberg

New York, June 23 – Templar Energy LLC’s second-lien term loan weakened in the secondary market on Monday as details on the company’s proposed fungible incremental debt were revealed to investors.

Switching to the primary market, LA Fitness International LLC reduced the size of its term loan B while lifting pricing, widening the offer price and extending the call protection, and it raised the size of its term loan A.

In addition, Wencor Group LLC (Jazz Acquisition Inc.) increased the size of is first-lien term loan and tightened the spread as well as original issue discount on both its first-and second-lien tranches, Liberty Cablevision of Puerto Rico LLC cut pricing and offer prices on its first-and second-lien debt, and Hilex Poly LLC emerged with new deal plans.

Templar Energy’s existing second-lien term loan retreated in trading on Monday to 99 bid, 99¾ offered from 99 3/8 bid, par 1/8 offered following the release of pricing details on a fungible $200 million incremental senior secured second-lien covenant-light term loan due Nov. 15, 2020, according to a trader.

The incremental loan launched with a call in the afternoon with talk of Libor plus 700 basis points with a 1% Libor floor, in line with the existing loan, and an original issue discount in the 99 area, another source said.

Like the existing, the incremental loan has call protection of 102 through Nov. 25 and 101 through Nov. 25, 2015.

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