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Peloton, Barracuda Networks break for trading; Premise Health discloses loan talk
By Sara Rosenberg
New York, May 17 – Peloton Interactive Inc. firmed the original issue discount on its term loan at the midpoint of guidance before freeing up for trading on Tuesday, and Barracuda Networks Inc.’s bank debt broke as well.
Peloton finalized the original issue discount on its $750 million five-year senior secured term loan at 95.5, the middle of the 95 to 96 talk, a market source said.
As before, the term loan is priced at SOFR plus 650 basis points with a 50 bps step-up if it is not rated by Moody’s or S&P within six months of closing and a 0.5% floor, and is non-callable for one year, then at 103 in year two.
Barracuda’s bank debt broke for trading, with the $1.115 billion seven-year first-lien term loan (B2/B) quoted at 97¼ bid, 98 offered, a market source remarked.
Pricing on the first-lien term loan is SOFR plus 450 bps with a 0.5% floor and it was sold at an original issue discount of 97. The debt has 101 soft call protection for six months.
In other news, Premise Health released price talk on its incremental first-lien term loan in connection with its lender call.
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