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Caesars, OneDigital update loan terms, break for trading; Meredith, Ingersoll on deck
By Sara Rosenberg
New York, June 17 – Caesars Resort Collection LLC increased the size of its first-lien term loan and revised the original issue discount before freeing up for trading on Friday.
The company raised its five-year covenant-lite first-lien term loan (B1/B+) to $1.8 billion from $1.47 billion and changed the original issue discount to 97 from 96, according to a market source.
As before, the term loan is priced at Libor plus 450 basis points with a 0% Libor floor and has 101 soft call protection for six months.
Recommitments were due at 10:30 a.m. ET on Friday, the source added.
Also, OneDigital set the original issue discount on its non-fungible $75 million incremental first-lien term loan (B) at 97, the wide end of the 97 to 98 talk, a market source remarked.
Pricing on the term loan remained at Libor plus 475 bps with a 1% Libor floor, and the debt still has 101 soft call protection for one year.
On Friday, the incremental term loan began trading and levels were quoted at 97¼ bid, 97¾ offered, another source added.
And, in more happenings, Meredith Corp. and Ingersoll Rand Inc. joined the near-term loan calendar.
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