McGraw-Hill upsizes, tightens talk; Cision talks $1.1 billion loan; ATI accelerates timing

By Paul A. Harris

Portland, Ore., April 28 – Cash loans ended marginally higher on Thursday, according to a market source.

The question is, how will loans open on Friday, given the big drop in stock prices which materialized late Thursday, the source remarked.

In the primary market, McGraw-Hill Global Education Holdings LLC upsized its loan and tightened talk. Cision put out price talk on its $1.1 billion seven-year term loan B, and ATI Physical Therapy moved up the deadline on its $635 million term loan.

McGraw-Hill upsized its six-year first-lien covenant-light term loan (Ba3/BB-) by $270 million to $1,575,000,000 from $1,305,000,000.

The proceeds were shifted from the concurrent junk bond deal, which downsized to $400 million from $670 million.

In addition to the upsizing, spread talk on the loan tightened to 400 basis points from 475 bps. And the offering price richened to 99.5 from 99.

Cision talked $1.1 billion seven-year term loan B (B1/B+) with a 575-bps spread to Libor atop a 1% Libor floor at 98.00.

ATI Physical Therapy moved up the deadline on its $635 million seven-year first-lien term loan (B1/B) to 5 p.m. ET Friday.

Previously books were expected to stay open until May 5.

In other news, Pabst Brewing Co. talked its $135 million incremental term loan due Nov. 13, 2021 with a 450-bps spread to Libor at 99.5.

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