Paradigm, Sage Products break; LightSquared, Internet Brands, Informatica update loan sizes

By Sara Rosenberg

New York, June 2 – Paradigm Outcomes’ (Paradigm Acquisition Corp.) credit facility freed up for trading on Tuesday, with the covenant-light first-lien term loan quoted at 99 bid, par offered, above its original issue discount, and Sage Products Holdings III LLC’s term loan emerged in the secondary as well, with levels seen at par 1/8 bid, par ½ offered.

Meanwhile, in the primary market, LightSquared reduced the size of its first-lien term loan to $1.5 billion from $1.75 billion, Internet Brands Inc. upsized its incremental first-lien term loan to $175 million from $100 million, and Informatica Corp. increased the amount of its U.S. term loan B to $1.71 billion from $1,705,000,000.

Also, Academy Ltd. (Academy Sports + Outdoors) held its call on Tuesday afternoon and released price talk with launch on its $1,825,000,000 seven-year term loan B (B2/B). The loan is talked at Libor plus 350 bps to 375 bps with a 25 bps initial public offering step-down, a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

In addition, PlayPower Inc. came out with pricing guidance on its first-and second-lien term loans with its morning bank meeting a market source said.

Finally, Spectrum Brands Inc., Sivantos Group (formerly known as Siemens Audiology Solutions), Alere Inc. and Camin Cargo Control joined this week’s primary calendar.

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