Patagonia Holdco term loan B frees to trade; Corporation Service changes deadline

By Sara Rosenberg

New York, Aug. 5 – Patagonia Holdco LLC (Lumen Latin America) increased the size of its term loan B while cancelling plans for a senior secured notes offering, and then the debt made its way into the secondary market on Friday.

Patagonia Holdco raised its seven-year term loan B (B1) to $1.3 billion from $800 million and eliminated plans for a $500 million senior secured notes offering, a market source remarked.

The term loan is priced at SOFR plus 575 basis points with a 0.5% floor and an original issue discount of 82, and has 101 soft call protection for one year.

During syndication, the discount on the term loan widened from 90, the call protection was extended from six months and revisions were made to documentation.

The term loan broke for trading on Friday, with levels quoted at 83 bid, another source added.

In more happenings, Corporation Service Co. (CSC) accelerated the commitment deadline for its term loan B.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.