ProQuest, Merlin Entertainments break; Iridium Satellite trims term loan spread twice

By Sara Rosenberg

New York, Oct. 17 – ProQuest LLC firmed pricing on its term loan B at the low end of guidance, removed a step-down, adjusted the issue price and revised documentation before freeing up for trading on Thursday, and Merlin Entertainments plc’s term loan hit the secondary market as well.

Specifically, ProQuest finalized pricing on its $725 million seven-year first-lien term loan B at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, removed the 25 bps step-down at 3.5x first-lien net leverage, and tightened the original issue discount to 99.75 from 99.5.

Recommitments were due at noon ET on Thursday and the term loan broke for trading later in the day at par bid, par ½ offered.

Merlin Entertainments’ £941 million equivalent U.S. seven-year covenant-lite term loan B began trading with levels quoted at par bid, par ½ offered.

In more happenings, Iridium Satellite LLC lowered the spread on its term loan, increased the Libor floor and tightened the original issue discount.

Also, Highway Ventures Borrower LLC, Simply Good Foods Co. (Atkins Nutritional Holdings Inc.), Compassus LLC, Ascensus Inc., National Mentor and Promontory Interfinancial Network LLC disclosed price talk with launch, and Wesco Aircraft Holdings Inc., Parts Town and WorldStrides joined the near-term primary calendar.

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