Sedgwick reduces pricing; Cornerstone accelerates deadline; Xplornet readies deal

By Sara Rosenberg

New York, May 20 – In the primary market on Wednesday, Sedgwick Claims Management Services Inc. lowered the spread on its term loan and changed the call protection, and Cornerstone OnDemand Inc. moved up the commitment deadline for its first-lien term loan B.

Sedgwick Claims trimmed pricing on its $300 million term loan (B2/B) to Libor plus 425 basis points from Libor plus 475 bps, according to a market source.

In addition, the call protection was modified to non-callable for one year, then at par, from non-callable for one year, then a 101 soft call for six months, the source said.

As before, the term loan has a 1% Libor floor and an original issue discount of 96.

Recommitments were due at 3:30 p.m. ET on Wednesday, the source said.

Cornerstone OnDemand accelerated the commitment deadline for its $1,004,700,000 covenant-lite first-lien term loan B due April 22, 2027 to 10 a.m. ET on Friday from noon ET on May 28, a market source remarked.

Talk on the term loan B is Libor plus 425 bps with a 0% Libor floor, an original issue discount of 95 to 96 and 101 soft call protection for one year.

And, in more happenings, Xplornet Communications Inc. joined this week’s primary loan calendar.

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