Vigor/MHI frees to trade; Waystar deal changes surface; PSAV reveals price guidance

By Sara Rosenberg

New York, Sept. 19 – Vigor Industrial/MHI Holdings posted some changes to documentation for its term loan B, and the debt made its way into the secondary market on Thursday, with levels quoted above its original issue discount.

In more happenings, Waystar modified spread talk on its first-lien term loan and then firmed the spread at the low end of that revised guidance, tightened the original issue discount. The company also made a number of revisions to documentation.

Additionally, PSAV (AVSC Holding Corp.) released price talk on its incremental term loan with launch, and Culligan Holding Inc. (AI Aqua Merger Sub Inc.) joined this week’s primary calendar.

In its deal, Vigor Industrial/MHI Holdings modified MFN, baskets and EBITDA under its $500 million seven-year covenant-lite term loan B (B2/B), according to a market source.

Pricing on the term loan is Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99. The debt has 101 soft call protection for one year, which was extended from six months.

Back in the primary market, Waystar changed price talk on its $825 million seven-year first-lien term loan (B-) at Libor plus 400 bps, a market source remarked.

Furthermore, the original issue discount on the term loan finalized at 99.5.

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