Tallgrass Energy, PQ Corp., EyeCare Partners break; Gardner Denver changes emerge

By Sara Rosenberg

New York, Feb. 5 – Tallgrass Energy LP came to market on Wednesday morning with an incremental term loan, upsized the tranche and set the issue price at the tight end of talk in the afternoon, and then freed to trade before day’s end.

The loan launched in the morning with original issue discount talk of 98.875 to 99, and in the afternoon, the loan was upsized to $375 million and the discount firmed at 99, a market source remarked.

Pricing is Libor plus 475 basis points with a step-down to Libor plus 450 bps at 1.75x total net leverage and a 0% Libor floor, and the debt has 101 soft call protection for six months.

Commitments were due at 3:30 p.m. ET on Wednesday, and shortly thereafter the debt broke for trading with levels quoted at 99 1/8 bid, 99 5/8 offered.

Also, PQ Corp. Holdings Inc. set the spread on its term loan B at the wide side of talk before breaking for trading, and EyeCare Partners LLC’s bank debt made its way into the secondary market as well.

In other news, Gardner Denver Inc. (Ingersoll-Rand Services Co.) reduced pricing on its term loans and revised original issue discount guidance.

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