Schaeffler up with refi; Albertson’s dips on add-on; Micro Focus, American Airlines revised

By Sara Rosenberg

New York, Oct. 6 – Schaeffler’s U.S. term loan E was stronger in trading on Monday on refinancing news, and Albertson’s Holdings LLC (Safeway Acquisition Merger Sub Inc.) term loan B-4 weakened as an add-on was launched.

Moving to the primary, Micro Focus moved some funds out of its term loan B and into its revolver and widened offer prices for a second time on its term loan B and term loan C tranches, and American Airlines Inc. firmed pricing on its term loan B at the high end of guidance, added a step-down and tightened the original issue discount.

Also, Styrolution (Styrolution Group GmbH and Styrolution US Holding LLC), Level 3 Financing Inc. and Magnum Hunter Resources Corp. released price talk with launch, and Pabst Brewing Co. (Blue Ribbon LLC), DTZ (DTZ U.S. Borrower LLC and DTZ Aus HoldCo Pty Ltd.), Crown Holdings Inc. and TOMS joined the near-term calendar.

Schaeffler’s U.S. term loan E strengthened in the secondary market on Monday to 99½ bid, par offered from 99 bid, 99½ offered as investors were told that the company would be launching a refinancing of its term loans, according to a trader.

Funds for the refinancing will come from a €1.8 billion equivalent term loan B (Ba2) due May 15, 2020 with a 0.75% floor, a source remarked.

The new term loan will launch with a conference call at noon ET on Tuesday.

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