Endemol, Element Materials, United break; Expro revised; Datapipe sets OID talk with launch

By Sara Rosenberg

New York, Aug. 6 – Endemol Holdings NewCo’s term loans freed up for trading on Wednesday with some of the debt quoted above its original issue discount and some of it bid right around its issue price, and Element Materials Technology and United Air Lines Inc. (United Continental Holdings) surfaced in the secondary, too.

Switching to the primary, Expro Oilfield Services plc revised the size of its funded term loan as its delayed-draw tranche was eliminated, widened price talk and adjusted original issue discount talk, Datapipe Inc. disclosed offer prices on its add-on term loans, and Prestige Brands Holdings Inc. emerged with plans to launch a new loan.

Endemol’s term loans broke for trading on Wednesday with the $620 million seven-year first-lien term loan quoted at 97½ bid, 98½ offered, according to a market source.

Pricing on the U.S. first-lien term loan is Libor plus 575 basis points with a 1% Libor floor and it was sold at an original issue discount of 97. There is 101 hard call protection for one year.

During syndication, the U.S. first-lien term loan was upsized from $610 million, pricing was increased from revised talk of Libor plus 525 bps and initial talk of Libor plus 475 bps, the discount widened from revised talk of 98 and initial talk of 99 and the call protection was sweetened from a 101 soft call for six months.

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