NRG Energy, Scientific Games Corp., Constellation Brands, Reliant Energy andLeap Wireless Communications all allocated before year-end in an active and above par market.
NRG's $450 million "B" loan, which has a spread of LIBOR plus 1 7/8%, traded around 100 1/2-100 3/4. NRG's bank debt also comprises a $150 million revolver and a $350 million synthetic letter of credit and is led by Credit Suisse First Boston and Goldman Sachs. Scientific Games $100 million "B" loan, meanwhile, traded at 100 5/8-100 7/8. The credit also comprises a $200 million revolver. Both tranches are priced at LIBOR plus 2%. J.P. Morgan and Bear Stearns lead the facility.
Constellation Brands' $1.8 billion "B" loan swapped hands at 101 1/4-101 3/4. The credit funded the $1.3 billion acquisition of The Robert Mondavi Corp. Constellation Brands' deal is led by J.P. Morgan and also includes a $500 million revolver and a $600 million "A" loan. Pricing for the producer and marketer of alcoholic drinks' "B" tranche is LIBOR plus 1 3/4%.
Leap Wireless subsidiary Cricket Communications was also active. The $500 million "B" loan changed hands at 100 1/8-100 3/8. Leap's "B" tranche is part of a $650 million package that is redeeming $350 million of 13% senior secured notes. Leap's bank debt, which is led by Bank of America and Goldman, also comprises a $150 million revolver.
Reliant Energy's $1.3 billion "B" loan traded around 101 1/4-101 5/8. Reliant's credit also comprises a $1.7 billion revolver. Reliant's revolver and "B" loan tranches are priced at LIBOR plus 2 7/8%.