Power Solutions, XPO Logistics, Ocwen Financial changes emerge; Aptean, Newport set talk

By Sara Rosenberg

New York, March 13 – Power Solutions (Panther BF Aggregator 2 LP) on Wednesday lowered price talk on its U.S. term loan B, set the spread on its euro term loan B at the low side of guidance, tightened the original issue discounts on both tranches and extended the call protection.

Power Solutions trimmed price talk on its $3.2 billion seven-year term loan B to a range of Libor plus 350 basis points to 375 bps from a range of Libor plus 400 bps to 425 bps, and modified the original issue discount to 99 from 98.5, according to a market source.

Furthermore, pricing on the company’s $2.25 billion equivalent euro seven-year term loan B was set at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk, and the discount was adjusted to 99.5 from 99, the source said.

Also, the 101 soft call protection on both term loans was extended to one year from six months.

Also on the new deal front, XPO Logistics Inc. revised the issue price on its incremental term loan B-1, and Ocwen Financial Corp. increased the size of its incremental term loan.

In addition, Aptean and Newport Group released price talk on their term loans with launch, and Datto Inc. surfaced with new deal plans.

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