TerraForm Power, Pixelle term loans free to trade; R1 RCM deal updates emerge

By Sara Rosenberg

New York, May 11 – TerraForm Power’s first-lien term loan made its way into the secondary market on Wednesday, with levels quoted above its original issue discount, and Pixelle’s (Spectrum Group Buyer Inc.) first-lien term loan B broke as well.

TerraForm Power’s $500 million seven-year first-lien green term loan (Ba2/BB+/BB+) began trading on Wednesday, with levels quoted at 98 5/8 bid, 99 3/8 offered, according to a trader.

Pricing on the term loan is SOFR+10 basis points CSA plus 275 bps with a 0.5% floor and it was sold at an original issue discount of 98.5. The debt has 101 soft call protection for six months.

Pixelle’s $507 million six-year first-lien term loan B freed to trade as well, with levels quoted at 98 bid, 99 offered, a market source remarked.

Pricing on the term loan is SOFR plus 650 bps with a 0.75% floor and it was sold at an original issue discount of 98. The debt has 101 hard call protection for one year.

Meanwhile, in the primary market, R1 RCM Inc. reduced the size of its term loan B, removed the CSA and firmed the original issue discount at the tight end of talk, and increased the size of its term loan A.

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