Team Health Holdings, Inc. reprices its term loan B

U.S.-based physician services provider Team Health Holdings, Inc., through its subsidiary, Team Health, Inc., refinanced its existing senior secured Term Loan (tranche B) at $1.312bn. The transaction was led by JP Morgan.

Interest rate on the amended Term Loan was Libor plus 3.00% from LIBOR plus 3.75% (floor of 75 basis points).

The loan matures on 23 November 2022. The issuance reduces the company’s annual cash interest payments by approximately $9.8m.

Source: PRNewswire

J.C. Penney to refinance $2bn loan

U.S.-based retailer J. C. Penney has mandated JPMorgan to market its $2bn sub-investment-grade loan.

Proceeds from the issuance offering would be utilized towards refinancing a substantial portion of the company’s debt, which most recently was $4.73bn as of 31 March 2016.

The loans have been rated “B1” and “B+” by Standard & Poors and Moody’s, respectively.

Interest rate on the loan is expected at a floating rate tied to Libor, translating roughly to an annual rate of 5.5%-5.8%.

Source: TheStreet.com

QNB Group closes syndication of upsized term loan

Qatar-banking firm QNB Group closed a syndication of its upsized term loan facility was due to strong market over-subscription. The loan was upsized from €1.5bn to €2.25bn.

The syndication was well supported by the 14 participating banks.

Proceeds from the issuance of the new loan facility would be utilized for general corporate purposes.

The interest rate is Euribor plus 1.05 per cent per annum.

Source: CPI Financial

Pilot Travel Centre’s $1.3bn term loan rated Ba2 by Moody’s

Moody’s assigned a Ba2 rating to Pilot Travel Center LLC’s proposed $1.3bn, 7-year, senior secured term loan B.

Proceeds from the proposed term loan issuance, along with a $100m draw under its revolver would be utilised towards refinancing its existing $1.4bn term loan B due 2021.

According to Moody’s, Pilot’s Ba2 CFR reflected the company’s good debt protection metrics, meaningful scale, geographic reach, diverse profit stream including high margin non-fuel merchandise and good liquidity. 

Source: Moody’s