Post Holdings frees to trade; ViaWest, Coyote Logistics, National Veterinary revise deals

By Sara Rosenberg

New York, March 23 – Post Holdings Inc.’s incremental term loan B surfaced in the secondary market during Monday’s market hours with levels quoted above its original issue discount.

Meanwhile in the primary, ViaWest increased the size of its credit facility and lowered pricing on the term loan B tranche, and Coyote Logistics LLC trimmed the spread on its term loan, firmed the original issue discount at the tight end of guidance and extended the soft call protection.

Also, National Veterinary Associates (NVA Holdings Inc.) upsized its add-on term loan, Allison Transmission Inc. released price talk on its term loan B-4 with launch, and Longview Power LLC and Natel EMS joined this week’s new deal calendar.

Post Holdings’ fungible $700 million incremental secured term loan B (Ba2) due June 2, 2021 began trading on Monday with levels seen at 99 7/8 bid, par 1/8 offered, according to a trader.

Pricing on the incremental term loan is Libor plus 300 basis points with a 0.75% Libor floor, in line with the company’s existing $881 million term loan B, and the new debt was sold at an original issue discount of 99½. The loan has 101 soft call protection for six months and a ticking fee of half the spread from days 31 to 60 and the full spread thereafter.

During syndication, the discount on the incremental term loan tightened from 99.

Credit Suisse Securities (USA) LLC and Barclays are leading the deal.

Closing is expected by the third quarter.

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