Scientific Games, Aecom, PGT break; York Risk, Celanese, Intrawest Resorts revise deals

By Sara Rosenberg

New York, Sept. 17 – Scientific Games Corp.’s bank debt surfaced in the secondary market on Wednesday with the term loan B-2 seen trading above its original issue discount, and Aecom Technology Corp. and PGT Inc. freed up too.

Moving to the primary, York Risk Services Group lowered the spread on its term loan B, firmed the offer price in the middle of guidance and extended the call protection, while adding a delayed-draw tranche to its capital structure.

Also, Celanese US Holdings LLC reduced pricing on its term loan C-3 debt, and Intrawest Resorts Holdings Inc. tightened the original issue discount on its add-on term loan.

In addition, Micro Focus, AVG Technologies NV and Capstone Logistics LLC released price talk with launch, Sedgwick Inc. came out with original issue discount guidance and Pilot Travel Centers LLC emerged with new deal plans.

Scientific Games’ bank debt began trading on Wednesday, with the $2 billion seven-year incremental covenant-light term loan B-2 quoted at 99¼ bid, 99½ offered, according to a trader.

Pricing on the B-2 loan is Libor plus 500 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

During syndication, the term loan B-2 was upsized from $1,735,000,000, pricing was increased from talk of Libor plus 425 bps to 450 bps and the call protection was extended from six months.

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