Aimbridge breaks; Garda, Kantar, Upstream Rehabilitation, Ontic deal updates surface

By Sara Rosenberg

New York, Oct. 23 – Aimbridge Hospitality’s add-on term loan B made its way into the secondary market on Wednesday, with levels quoted above its original issue discount.

Specifically, the $425 million add-on covenant-lite term loan B due February 2026 began trading with levels seen at par bid, par ½ offered, a market source said.

Pricing is Libor plus 375 basis points with a 25 bps step-down at 5.6x total leverage and a 0% Libor floor. The debt was sold at an original issue discount of 99.75.

In more happenings, Garda World Security Corp. set pricing on its term loan B at the low end of revised guidance, and Kantar reduced the size of its U.S. term loan B and its term loan A.

Also, Upstream Rehabilitation moved some funds between its first- and second-lien term loans, set the spread on the first-lien debt at the low end of talk, added a step-down and tightened the original issue discount, and Ontic (Bleriot US Bidco Inc.) upsized its first-lien term loan B and firmed pricing on its second-lien term loan at the high side of guidance.

Furthermore, ABC Supply (American Builders & Contractors Supply Co. Inc.), Edgewood Partners Holdings LLC (EPIC) and GoodRx released price talk with launch, and Genesee & Wyoming Inc. and National Seating & Mobility Inc. joined this week’s primary calendar.

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