ZelisRedCard, APi, Shearer’s Foods, CSC Holdings break; PSAV changes surface

By Sara Rosenberg

New York, Sept. 27 – ZelisRedCard firmed pricing on its $1.5 billion seven-year covenant-lite first-lien term loan B at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, and deals from APi Group Inc., Shearer’s Foods LLC and CSC Holdings LLC emerged in the secondary market as well.

APi Group’s $1.2 billion seven-year senior secured covenant-lite term loan B began trading with levels quoted at par bid, par ½ offered on the break and then it moved up to par ¼ bid, par ¾ offered.

Shearer’s Foods’ $701 million covenant-lite first-lien term loan (B3/B-) due March 2022 freed up with levels seen at 99 7/8 bid, par ¼ offered.

CSC Holdings’ $3 billion term loan B due April 2027 broke with the $2.5 billion funded tranche seen at par 1/8 bid, par ½ offered and the $500 million delayed-draw tranche seen at par bid, par 3/8 offered.

In more happenings, PSAV (AVSC Holding Corp.) increased the size of its U.S. incremental term loan B as plans for a Canadian loan were cancelled, raised pricing, widened the original issue discount and extended the call protection.

Also, Arnott (Snacking Investments BidCo Pty Ltd.) and Alliant Holdings Intermediate LLC joined the near-term primary calendar.

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