Covetrus releases first-lien term loan price talk; Citrix Systems term loan B on deck

By Sara Rosenberg

New York, Sept. 7 – On the new deal front, Covetrus Inc. (Corgi BidCo Inc.) came out with pricing guidance on its first-lien term loan with its call on Wednesday.

Covetrus held its lender call in the morning and released price talk on its $1.525 billion seven-year covenant-lite first-lien term loan (B1/B-) at SOFR plus 475 basis points to 500 bps with a 0.5% floor and an original issue discount of 95 to 96, a market source remarked.

The first-lien term loan has 101 soft call protection for six months.

Also, Citrix Systems Inc. (Tibco Software Inc.) set a lender call for this week for its proposed term loan B.

Citrix emerged with plans to hold a lender call at 11 a.m. ET on Thursday to launch a $4.05 billion 6.5-year term loan B, a market source said.

The term loan B has 101 soft call protection for six months, the source added.

The company is also getting a $500 million equivalent euro 6.5-year term loan B, and is expected to get a $1 billion revolver and a $3.5 billion term loan A.

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