Coyote Logistics breaks; Walgreens Infusion changes surface; Townsquare shutting early

By Sara Rosenberg

New York, March 24 – Coyote Logistics LLC saw its term loan make its way into the secondary market on Tuesday with levels quoted above its original issue discount.

Switching to the primary, Walgreens Infusion Services modified the original issue discount on its oversubscribed term loan B and added a leverage-based pricing step-down, and Townsquare Media Inc. accelerated the commitment deadline on its credit facility.

Additionally, Natel EMS and SeaWorld Entertainment Inc. released price talk with launch, and Top Right Group (Eden Bidco Ltd.) surfaced with new deal plans.

Coyote Logistics’ $360 million seven-year term loan (B2/B-) began trading on Tuesday with levels seen at 99˝ bid, par ˝ offered, according to a trader.

Pricing on the term loan is Libor plus 525 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.

Recently, the spread on the loan was reduced from Libor plus 550 bps, the discount was set at the tight end of the 98˝ to 99 talk and the call protection was extended from six months.

Goldman Sachs Bank USA, Wells Fargo Securities LLC and ING Capital Markets are leading the deal that will be used to help refinance existing debt and fund a dividend.

Over in the primary market, Walgreens Infusion Services changed the original issue discount on its $415 million seven-year term loan B to 99˝ from 99 and added a pricing step-down to Libor plus 475 bps.

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