Misys set tranches in $5.75 billion deal; First Data talks $4.23 billion

By Paul A. Harris

Portland, Ore., April 17 – In Monday's leveraged loan market Misys Ltd. announced tranche sizes in a three-part $5.75 billion amount of senior secured credit facilities.

And First Data Corp. talked its $4,217,000,000 first lien term loan (Ba3/BB).

Misys announces tranches

Misys announced tranche sizes in a three-part $5.75 billion amount of senior secured credit facilities, according to a market source.

The deal features a $400 million revolver, a $4.2 billion first-lien term loan and a $1.15 billion second-lien term loan.

Lender presentations are scheduled to take place on Tuesday in London and on Friday in New York.

Morgan Stanley Senior Funding, Inc., Citigroup Global Markets Ltd., Barclays, Macquarie Capital (USA) Inc. and Nomura Securities International, Inc. are the leads.

Misys is a London-based provider of financial services software.

First Data talk

First Data talked its $4,217,000,000 first lien term loan (Ba3/BB) with a Libor plus 250 basis points spread atop a 0% Libor floor at 99.75, according to a market source.

Commitments are due at 5 p.m. ET Thursday.

Credit Suisse Securities (USA) LLC is the lead.

The loan comes with six months of soft call protection at 101.

The Atlanta-based provider of payment solutions plans to use the proceeds to refinance its existing March 2021 C term loan.

Vizient sets Thursday call

Vizient, Inc. plans to hold a lender call on Thursday for its proposed repricing of $1,127,000,000 of bank debt, according to a market source.

Barclays is the sole bookrunner.

The deal includes $1,122,000,000 of term loan B debt and $105 million of debt under the revolving credit facility.

Vizient is an Irving, Texas-based network of not-for-profit health care organizations.

TravelClick withdraws discount

TravelClick Inc. withdrew the proposed discount from its $65 million incremental first-lien term loan (B2), according to a market source.

As with the concurrent repricing of the $385 million covenant light first-lien term loan, the deal is being offered at par.

The incremental loan had been talked earlier at 99.5.

Spread talk on the term debt is Libor plus 400 basis points with a 1% Libor floor.

The term loans include 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds from the incremental loan will be used to repay a portion of the company’s existing second-lien term loan.

The repricing will take the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Commitments were due on Monday.

TravelClick is a New York-based provider of solutions to the hospitality industry.

FLY Leasing talks repricing

FLY Leasing set talk on the repricing of its $398 million term loan B (existing ratings Ba3/BB+), according to a market source.

The repricing will see the loan's maturity extended to February 2023 from the present maturity, February 2022.

It is coming with a 225 basis points spread to Libor, with no Libor floor; the present spread is Libor plus 275 bps with a 0.75% Libor floor.

The six months of 101 soft call protection, scheduled to roll off this week, will be reset.

Commitments are due at noon ET on Monday, May 24.

RBC Capital Markets Corp. is the lead arranger.

FLY is a Dublin-based aircraft lessor.

The loan was previously repriced in October and November of 2016.

Market Track buyout deal

Lead arrangers Antares Capital and Golub Capital announced $255 million of first-lien financing backing the acquisition of Market Track by Vista Equity Partners.

The deal includes a $30 million revolver and a $255 million first-lien term loan.

A $95 million second-lien term loan is privately placed.

Market Track is a Chicago-based subscription-based provider of promotional and brand advertising data.

Clearwater Seafoods $335 million

Clearwater Seafoods Inc. announced in a Monday press release that it plans to put in place $335 million of senior secured credit facilities.

The Bedford, Nova Scotia-based vertically integrated seafood harvester, processor and distributor also launched a $250 million offering of eight-year senior notes (expected ratings B3/B+) on an investor roadshow that began on Monday. Wells Fargo Securities LLC, BMO Securities, BofA Merrill Lynch, Rabo Securities and Scotia Capital are leading the bond deal.

The company plans to use the proceeds to repay certain debt under its existing credit facilities, with the remainder, if any, to be used for general corporate purposes.

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