Inmarsat, Sotheby’s, Wells, MeridianLink break; Shutterfly, PeroxyChem, ECi updated

By Sara Rosenberg

New York, Sept. 23 – Inmarsat plc reduced the size of its term loan B to $1.75 billion, increased the Libor floor to 1%, firmed the original issue discount at 98, the wide end of revised talk in the range of 98 to 99 and wide of initial talk of 99, and extended the 101 soft call protection to one year from six months before freeing up for trading on Monday.

Pricing on the term loan remained at Libor plus 450 basis points.

Also, Sotheby’s downsized its term loan B, widened the spread, Libor floor and original issue discount, extended the call protection, made some changes to documentation and freed to trade during the session, and deals from Wells Enterprises Inc. and MeridianLink broke as well.

In more happenings, Shutterfly Inc. came out with a slew of adjustments to documentation for its term loan B, PeroxyChem added a pricing step-down to its term loan B, and ECi Software Solutions tightened the issue price on its incremental first-lien term loan.

Additionally, Go Daddy Operating Co. LLC released price talk with launch, and BellRing Brands LLC, Hard Rock Northern Indiana (Spectacle Gary Holdings LLC), Shift4 Payments LLC and Allison Transmission Inc. joined this week’s primary calendar.

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