MagicLab prices; Froneri details €5.7 billion loans; Open Lending increases spread talk

By Paul A. Harris

Portland, Ore., Jan. 24 – In Friday’s bank loan market MagicLab priced its upsized $575 million seven-year covenant-lite senior secured term loan B (B1/B+/BB) with a 275 basis points spread to Libor at 99.75.

The size was initially set at $500 million and then pushed up to $550 million before pushing up another $25 million to end at $575 million.

And Froneri International Ltd. released details and updated pricing on the €5.7 billion equivalent package of loans.

Proceeds will be used to fund the acquisition of Nestle USA’s ice cream business for $4 billion, to refinance existing debt and for general corporate purposes.

Open Lending LLC increased the spread talk and discount on its $225 million seven-year term loan B.

The deal is now talked with a 600 bps spread to Libor, revised from 525 bps to 550 bps. Revised price talk adds one full point of original issue discount, with the price moving to 98 from 99.

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