Pike, Herschend Entertainment, Cross Insurance, Asplundh Tree Expert free to trade

By Sara Rosenberg

New York, Aug. 19 – Pike Corp. trimmed the spread on its first-lien term loan B and finalized the original issue discount at the tight side of guidance, and Herschend Entertainment Co. LLC increased the size of its term loan and firmed the spread, and then both deals broke for trading on Wednesday.

Pike lowered pricing to Libor plus 300 basis points from Libor plus 325 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk.

The term loan started trading with levels quoted at 99 7/8 bid, par 3/8 offered.

Herschend raised its loan to $500 million from $465 million and finalized pricing at Libor plus 575 bps, the low end of revised talk of Libor plus 575 bps to 600 bps that was announced in the morning but the high end of initial talk of Libor plus 550 bps to 575 bps.

There is still a 1% Libor floor, an original issue discount of 96, and call protection of non-callable for one year, then at 101 in year two.

The term loan B freed to trade and levels were quoted at 96½ bid, 97½ offered.

Also, Cross Insurance (Cross Financial Corp.) modified the issue price on its first-lien term loan B before making its way into the secondary market, and Asplundh Tree Expert LLC’s term loan B freed to trade as well.

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