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Tecomet, Trade Me free to trade; Duff, Capstone, Duravant, Cook & Boardman set talk
By Sara Rosenberg
New York, Feb. 25 – Tecomet (TecoStar Holdings Inc.) increased the size of its fungible incremental first-lien term loan due May 1, 2024 to $165 million from $135 million before breaking for trading on Tuesday.
The incremental term loan is priced at Libor plus 350 basis points with a step-down to Libor plus 325 bps at 4x net first-lien leverage, a 1% Libor floor and an original issue discount of 99.5.
Commitments were due at 2 p.m. ET on Tuesday and the incremental loan began trading later in the day, with levels quoted at 99¾ bid, par ¼ offered.
Trade Me Group Ltd.’s (Titan Acquisitionco) term loan hit the secondary market as well. The $602 million first-lien term loan (B1/B) due May 2026 began trading with levels quoted at par bid, par ½ offered, according to a market source.
Pricing on the term loan is Libor plus 400 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.
In more happenings, Duff & Phelps, Capstone Logistics Acquisition Inc., Duravant LLC (Engineered Machinery Holdings Inc.) and Cook & Boardman Group disclosed price talk with launch.
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