Conservice frees up; Nielsen updates; Aristocrat, Delek surface with incremental loans

By Sara Rosenberg

New York, May 7 – Conservice Midco LLC modified the original issue discount on its first-lien term loan and then the debt made its way into the secondary market on Thursday.

Also, Nielsen Finance LLC increased the sizes of its U.S. and euro term loans while tightening spreads and issue prices.

And, in other news, Aristocrat Leisure Ltd. and Delek US Holdings Inc. released price talk on their incremental term loans with launch.

Conservice tweaked, trades

Conservice Midco changed the original issue discount on its $475 million seven-year covenant-lite first-lien term loan (B2/B) to 95 from 93, a market source remarked.

As before, the first-lien term loan is priced at Libor plus 425 basis points with a 0% Libor floor and has 101 soft call protection for one year.

Recommitments were due at 1 p.m. ET on Thursday and the first-lien term loan broke for trading in the afternoon, with levels quoted at 95¼ bid, 96 offered, another source added.

The company’s $715 million of credit facilities also include a $50 million revolver (B2/B) and a $190 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC and Golub are leading the deal that will be used to help fund a significant strategic investment in the company by Advent International, who will join existing investor TA Associates.

Conservice is a Logan, Utah-based provider of utility management software and billing solutions to property owners and managers.

Nielsen reworked

Nielsen Finance raised its U.S. term loan B due June 2025 to $550 million from $500 million and its euro term loan B due June 2025 to €420 million from $300 million equivalent, trimmed pricing to Libor/Euribor plus 375 bps from Libor/Euribor plus 400 bps and revised the original issue discounts to 98 from 97, according to a market source.

The U.S. term loan still has a 1% Libor floor, the euro term loan still has a 0% floor and both term loans still have 101 soft call protection for one year.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to repay notes.

Nielsen Finance is a New York-based provider of information and insights into what consumers watch and buy.

Aristocrat details emerge

Aristocrat Leisure held its lender call late in the day and launched to investors a $350 million non-fungible incremental term loan talked at Libor plus 400 bps with a 1% Libor floor and an original issue discount of 97, a market source said.

Commitments are due on May 14, the source added.

UBS Investment Bank is the left lead on the deal that will be used for general corporate purposes.

Aristocrat Leisure is a North Ryde, Australia-based provider of gaming solutions.

Delek holds call

Delek surfaced in the morning with plans to hold a lender call at 1:30 p.m. ET to launch a $200 million non-fungible incremental covenant-lite term loan B due March 30, 2025 talked at Libor plus 525 bps to 550 bps with a 1% Libor floor and an original issue discount of 95, according to a market source.

The term loan is non-callable for one year, the source said.

Commitments are due at 5 p.m. ET on May 14.

Wells Fargo Securities LLC is leading the deal that will be used to fund cash to the balance sheet.

The company currently has a $1.08 billion term loan B.

Delek is a Brentwood, Tenn.-based integrated downstream energy company focused on petroleum refining, the transportation, storage and wholesale distribution of crude oil, intermediate and refined products and convenience store retailing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.