Walker & Dunlop, Altice USA free to trade; Aventiv term loan drops after downgrade

By Sara Rosenberg

New York, Dec. 14 – Walker & Dunlop Inc. set the spread on its incremental term loan B-2 at the low end of guidance and tightened the original issue discount, and then the debt freed up for trading on Wednesday afternoon.

Walker & Dunlop firmed pricing on its non-fungible $200 million incremental senior secured term loan B-2 (BB+) at SOFR plus 300 basis points, the low end of the SOFR plus 300 bps to 325 bps talk, and moved the original issue discount to 98 from 97.5, according to a market source.

As before, the incremental term loan has CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, a 0.5% floor, 101 soft call protection for six months and a ticking fee of the full margin starting on day 31.

Additionally, Altice USA (CSC Holdings LLC) firmed the size on its extended term loan B-6 and then broke for trading as well.

Furthermore, Aventiv Technologies LLC (Securus Technologies Holdings Inc.) saw its term loan drop considerably in the secondary market in reaction to a ratings downgrade that was announced late in the previous session.

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