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Ceridian Eliminates Loan Discount; Live Nation Reduces Debt Rate

Aug. 14 (Bloomberg) -- Ceridian Corp. eliminated the discount on a $1.42 billion loan while Live Nation Entertainment Inc. reduced the rate on a $950 million slice of bank debt.

Ceridian, the provider of business services and software owned by Thomas H. Lee Partners LP, is offering the four-year term loan to lenders at 100 cents on the dollar, instead of 99.75 cents previously proposed, according to a person with knowledge of the transaction.

The Minneapolis-based company will begin paying interest at 4.25 percentage points more than the London interbank offered rate, with no minimum on the lending benchmark, and will pay 0.25 percentage points less when net senior secured debt to earnings is below 4 times, said the person, who asked not to be identified because the terms are private.

Live Nation, the largest concert promoter and ticket seller, lowered the rate it will pay on a $950 million term portion due in seven years to 2.75 percentage points more than Libor from as much as 3 percentage points more than the lending benchmark, said a person with knowledge of the deal. The minimum on the lending benchmark was cut to 0.75 percent from 1 percent.

Kinetic Concepts Inc., the wound-care company acquired by Apax Partners in 2011, obtained a $350 million incremental five-year loan for an acquisition, according to a person with knowledge of the transaction. The debt will pay interest at 3.5 percentage points more than Libor, with a 1 percent minimum on the lending benchmark. It’s being offered to lenders at 99 cents to 99.5 cents on the dollar, the person said.

DS Waters of America Inc. increased the size of a loan supporting its leveraged buyout by Crestview Partners by $50 million to $360 million while reducing the bond portion of the deal by the same amount, according to a person with knowledge of the matter. The bottled water and brewed-beverage services provider for homes and offices will pay interest at 4.25 percentage points more than Libor, with a 1 percent minimum on the lending benchmark.

The Standard & Poor’s/LSTA U.S. Leveraged Loan 100 Index was unchanged today at 98.06 cents on the dollar.

To contact the reporter on this story: Krista Giovacco in New York at kgiovacco1@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.

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