Kettle Cuisine upsized first-lien term loan breaks; Bay Club term loans begin trading

By Sara Rosenberg

New York, Aug. 22 – Kettle Cuisine seven-year covenant-light first-lien term loan to $266 million from $240 million on Wednesday, and left pricing at Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The first-lien term loan still has 101 soft call protection for six months.

Meanwhile, the credit facilities of Bay Club (Bulldog Purchaser Inc.) up too, with the $340 million seven-year covenant-light first-lien term loan (B2/B+) quoted at 99¼ bid, 99¾ offered, the $185 million delayed-draw covenant-light first-lien term loan (B2/B+) quoted at 99 1/8 bid, 99 5/8 offered, and both the $125 million eight-year covenant-light second-lien term loan (Caa2/CCC+) and $65 million delayed-draw covenant-light second-lien term loan (Caa2/CCC+) quoted at par bid, 101 offered, a trader remarked.

Pricing on the first-lien term loan debt is Libor plus 375 bps with a 0% Libor floor and it was sold at an original issue discount of 99. The loan has 101 soft call protection for one year.

The second-lien term loan debt is priced at Libor plus 775 bps with a 0% Libor floor and it was issued at a discount of 99. This debt has hard call protection of 102 in year one and 101 in year two.

Delayed-draw ticking fees are half the margin from days 31 to 60 and the full margin thereafter.

The company’s $765 million of senior secured credit facilities include a $50 million five-year revolver (B2/B+).

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