Press Ganey, United Road Services, Jack’s Family, Infiltrator Water, Sterigenics break

By Sara Rosenberg

New York, Oct. 19 – Press Ganey Holdings Inc. lowered the spread on its second-lien term loan and tightened the issue price on its incremental first-lien term loan, and United Road Services Inc. trimmed the spread and adjusted the original issue discount on its term loan, and then both of these deals freed to trade on Thursday.

Also, Jack’s Family Restaurants set pricing on its term loan B at the wide end of guidance before breaking for trading, and deals from Infiltrator Water Technologies LLC and Sterigenics-Nordion Holdings LLC hit the secondary market too.

In more news, Unitymedia upsized its U.S. and euro term loans and firmed the issue price on the euro tranche at the tight end of talk, and Vantage Specialty Chemicals Inc. shifted funds between its first-and second-lien term loans, finalized spreads and revised the first-lien original issue discount.

Additionally, Caesars Entertainment Opco (CEOC LLC) accelerated the commitment deadline on its incremental first-lien term loan.

Furthermore, Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC), Young Innovations Inc., Ravago Holdings America Inc. and Chassix disclosed price talk with launch, and Ineos and Lyons Magnus Inc. emerged with new deal plans.

Press Ganey revised

Press Ganey cut pricing on the repricing of its $180 million second-lien term loan due October 2024 (Caa2/CCC+) to Libor plus 650 basis points from Libor plus 675 bps and modified the issue price on its $88 million incremental first-lien term loan (B2/B) due October 2023 to par from 99.5, according to a market source.

As before, the second-lien term loan has a 1% Libor floor, a par issue price and 101 hard call protection, the incremental first-lien term loan and repricing of the company’s existing $756 million first-lien term loan due October 2023 (B2/B) are priced at Libor plus 300 bps with a 1% Libor floor and include 101 soft call protection for six months, and the first-lien term loan repricing has a par issue price.

Recommitments were due at noon ET on Thursday, the source said.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch and Barclays are leading the deal, with Credit Suisse left on the first-lien and Citigroup left on the second-lien.

Press Ganey frees up

With final terms in place, Press Ganey’s bank debt made its way into the secondary market, with the first-lien term loan quoted at par ¼ bid, par ¾ offered and the second-lien term loan quoted at par ½ bid, 101 offered, another source added.

The incremental first-lien loan will be used to pay down the second-lien loan from its current size of $268 million, the first-lien term loan repricing will take the existing loan down from Libor plus 325 bps with a 1% Libor floor, and the second-lien term loan repricing will take the existing loan down from Libor plus 725 bps with a 1% Libor floor.

Press Ganey is a Wakefield, Mass.-based provider of patient experience measurement, performance analytics and strategic advisory solutions for health care organizations.

United Road flexes, breaks

United Road Services cut pricing on its $260 million seven-year covenant-light first-lien term loan (B2/B) to Libor plus 525 bps from talk in the range of Libor plus 550 bps to 575 bps and moved the original issue discount to 99.5 from 99, a market source said.

The term loan still has a 1% Libor floor and 101 soft call protection for one year.

Recommitments were due at noon ET on Thursday and then the loan began trading in the afternoon with levels quoted at 99¾ bid, par ¾ offered, another source added.

The company’s $320 million of credit facilities also include a $60 million ABL revolver.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to help fund the buyout of the company by the Carlyle Group from Charlesbank Capital Partners LLC.

United Road is a Romulus, Mich.-based provider of vehicle transport and logistics.

Jack’s firms, trades

Jack’s Family Restaurants finalized pricing on its $267 million term loan B (B3/B) due April 5, 2024 at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, and left the 1% Libor floor, par issue price and 101 soft call protection for six months unchanged, a market source remarked.

Commitments/signatures were due at noon ET on Thursday and then the loan broke for trading, with levels quoted at par 1/8 bid, par 5/8 offered, a trader added.

RBC Capital Markets, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Jack’s is a Homewood, Ala.-based quick-service restaurant operator.

Infiltrator hits secondary

Infiltrator Water Technologies’ $339 million covenant-light term loan B (B2/B) due May 2022 began trading too, with levels quoted at par 5/8 bid, 101 1/8 offered, a trader said.

Pricing on the loan is Libor plus 300 bps with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the lead bank on the deal that will be used to reprice an existing term loan B from Libor plus 350 bps with a 1% Libor floor.

Closing is expected next week.

Infiltrator Water is an Old Saybrook, Conn.-based provider of engineered plastic chambers, synthetic aggregate leach fields, tanks and accessories for the onsite wastewater and stormwater industries.

Sterigenics starts trading

Sterigenics’ fungible $70 million add-on term loan (B1/B) due May 15, 2022 also emerged in the secondary market, with levels seen at par bid, par 3/8 offered, a market source remarked.

Pricing on the loan is Libor plus 300 bps with a 1% Libor floor and it was issued at par.

On Wednesday, the issue price on the add-on term loan was tightened from 99.75.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

Sterigenics is a Deerfield, Ill.-based provider of contract sterilization, gamma technologies and medical isotopes.

Unitymedia reworked

Returning to the primary market, Unitymedia upsized its U.S. covenant-light term loan D due January 2026 to $850 million from $750 million, while leaving pricing at Libor plus 225 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

In addition, the company lifted its euro covenant-light term loan C due January 2027 to €825 million from €500 million and set the issue price at par, the tight end of the 99.75 to par talk, the source said. This tranche is still priced at Euribor plus 275 bps with a 0% floor.

The U.S. loan has a ticking fee of half the margin from days 46 to 75 and the full margin thereafter, the euro loan has a ticking fee of half the margin from days 61 to 90 and the full margin thereafter, and both loans have 101 soft call protection for six months.

Proceeds will be used to fully redeem, instead of partly redeem, 2023 notes that have an earliest first call date of Jan. 15, 2018.

Unitymedia leads

Deutsche Bank Securities Inc. is the left lead bookrunner on Unitymedia’s U.S. loan, and Bank of America Merrill Lynch is the left lead on the euro loan. Right bookrunners on the U.S. loan are Bank of America, BNP Paribas Securities Corp., Barclays, MB, ING and RBC. Right bookrunners on the euro loan are Deutsche Bank, Barclays, Goldman Sachs, Morgan Stanley, Credit Agricole, ING, RBS and RBC.

Recommitments for the U.S. loan were due at the close of business on Thursday and recommitments for the euro loan are due at noon UK times on Friday, the source added.

Unitymedia Finance LLC is the borrower on the U.S. piece, and Unitymedia Hessen GmbH & Co. KG is the borrower on the euro piece.

Unitymedia is a Germany-based provider of cable television, internet, fixed-line telephony and mobile services.

Vantage sets changes

Vantage Specialty Chemicals raised its seven-year covenant-light first-lien term loan to $485 million from $465 million, firmed pricing at Libor plus 400 bps, the low end of the Libor plus 400 bps to 425 bps talk, and revised the original issue discount to 99.5 from 99, a market source remarked. This tranche still has a 1% Libor floor and 101 soft call protection for six months.

Furthermore, the company reduced its eight-year covenant-light second-lien term loan to $150 million from $170 million and set pricing at Libor plus 825 bps, the high end of the Libor plus 800 bps to 825 bps talk, the source continued. The 1% Libor floor, discount of 98.5 and hard call protection of 102 in year one and 101 in year two were unchanged.

Also, the MFN sunset was removed.

The company’s $710 million senior secured deal includes a $75 million five-year revolver as well.

Recommitments were due at 5 p.m. ET on Thursday and allocations are targeted for Friday.

Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by H.I.G. Capital LLC from the Jordan Co. LP.

Vantage is a Chicago-based manufacturer and distributor of specialty chemicals.

Caesars moves deadline

Caesars Entertainment accelerated the commitment deadline on its fungible $265 million incremental covenant-light first-lien term loan (Ba3/BB) due Oct. 6, 2024 to 2 p.m. ET on Thursday from noon ET on Friday, a market source said.

Pricing on the incremental loan is Libor plus 250 bps with a 0% Libor floor, in line with existing first-lien term loan pricing, and the incremental debt is talked with an original issue discount of 99.5 to 99.75.

The incremental loan includes a ticking fee of half the margin from days 31 to 60 and the full margin thereafter, and the debt has 101 soft call protection until April 6, 2018, which matches the call protection on the existing term loan.

Credit Suisse Securities (USA) LLC is the left lead bank on the deal that will be used to refinance debt at Harrah’s Philadelphia, which will become part of the CEOC credit group.

Caesars is a Las Vegas-based full service gaming and entertainment company.

Linden discloses talk

In more primary happenings, Linden Cogeneration Power Complex held its lender call on Thursday, launching its $946,108,254 senior secured first-lien term loan B (Ba3/BB) due June 28, 2023 at talk of Libor plus 300 bps to 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Wednesday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Linden Cogeneration is the owner of a natural gas-fired combined-cycle cogeneration project located in Linden, N.J.

Young Innovations launches

Young Innovations announced with its bank meeting talk of Libor plus 375 bps to 400 bps with a 1% Libor floor and an original issue discount of 99.5 on its $270 million seven-year covenant-light first-lien term loan and $100 million seven-year covenant-light first-lien delayed-draw term loan, according to a market source.

The first-lien term loan has 101 soft call protection for six months, and the delayed-draw loan has a 12 month delayed-draw period and a ticking fee of 100 bps after 60 days, the source said.

Commitments are due on Nov. 2.

The company’s $540 million of credit facilities also include a $50 million revolver and a $120 million eight-year second-lien term loan that has been pre-placed.

Jefferies LLC, Antares Capital, Madison Capital and Neuberger Berman are leading the deal that will be used to help fund the buyout of the company by Jordan Co.

Young Innovations is an Algonquin, Ill.-based developer and manufacturer of consumable dental products.

Ravago reveals guidance

Ravago came out with talk of Libor plus 250 bps to 275 bps with no floor and a par issue price on its $321 million covenant-light term loan B due July 13, 2023 that launched with a lender call during the session, according to a market source.

The term loan B has 101 soft call protection for six months.

Commitments are due at noon ET on Oct. 26.

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps with no floor.

Ravago is a provider of distribution, resale, compounding and recycling services for plastic and elastomeric raw materials markets.

Chassix terms surface

Chassix had its bank meeting and announced talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $320 million seven-year term loan B (B3/B), a market source said.

Commitments are due on Nov. 2, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

Chassix is a Southfield, Mich.-based automotive supplier of precision casting and machining solutions.

Ineos readies deal

Ineos set a lender call for 9 a.m. ET on Friday to launch a €3,583,000,000 equivalent term loan B split between U.S. dollar and euro tranches due March 31, 2024, according to a market source.

The U.S. piece is talked at Libor plus 225 bps with a 0% Libor floor and an original issue discount of 99.75 to par, and the euro piece is talked at Euribor plus 200 bps with a 0.75% floor and a discount of 99.75 to par, the source said.

Commitments are due on Tuesday.

Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the global coordinators, joint lead arrangers and lead bookrunners on the deal, and BMO Capital Markets, Credit Suisse, Deutsche Bank Securities Inc., ING and Lloyds are the joint bookrunners on the deal.

Proceeds will be used with €500 million of other new senior secured debt and €250 million of cash received from Styrolution to refinance existing secured term loans.

The borrowers are Ineos US Finance LLC and Ineos Finance plc.

Ineos is a Frankfurt, Germany-based manufacturer of petrochemicals, specialty chemicals and oil products.

Lyons joins calendar

Lyons Magnus emerged with plans to hold a bank meeting at 10:30 a.m. ET in New York on Oct. 26 to launch a $190 million seven-year first-lien term loan, a market source remarked.

RBC Capital Markets and Bank of Ireland are leading the deal that will be used to help fund the buyout of the company by Paine Schwartz Partners.

Lyons Magnus is a food and beverage manufacturing company.

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