Ultimate changes surface; Caesars, RSA, Cardtronics, Diversey, Blucora, Carrols set talk

By Sara Rosenberg

New York, June 17 – Ultimate Software Group Inc. raised its non-fungible incremental covenant-lite first-lien term loan B due May 2026 to $2.945 billion from $2.6 billion, revised price talk to Libor plus 400 basis points from talk in the range of Libor plus 400 bps to 425 bps, added a step-down to Libor plus 375 bps at 5.5x total net leverage and changed the original issue discount to 98.5 from 98, a market source said.

Furthermore, the company scaled back its non-fungible incremental covenant-lite second-lien term loan due May 2027 to $600 million from $700 million, modified pricing to Libor plus 675 bps from Libor plus 700 bps and revised the discount to 99 from 98, the source continued.

Also, Caesars Resort Collection LLC came out with price talk on its term loan in connection with its lender call and accelerated the commitment deadline.

In addition, RSA shifted some funds between its first- and second-lien term loans and announced pricing guidance on the first-lien term loan debt as the general syndication process kicked off with a morning call.

Furthermore, Cardtronics plc, Diversey (Diamond BC BV), Blucora Inc. and Carrols Restaurant Group Inc. all released price talk with launch, and PG&E Corp. moved up the commitment deadline for its term loan B.

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