Dunkin’ Brands gains on refi; Stonewall Gas, Paris Presents, Angus Chemical disclose talk

By Sara Rosenberg

New York, Jan. 7 – Dunkin’ Brands Group Inc.’s term loan B-4 was bid higher in trading on Wednesday on the back of news that the company plans to take out the debt with a new securitization facility.

Switching to the primary market, Stonewall Gas Gathering LLC released details on its loan with the launch, and price talk on Paris Presents Inc. and Angus Chemical Co. surfaced.

Also, Mirion Technologies LLC, CSP Technologies North America LLC, Exact Holding N.V., Nellson Nutraceutical LLC, American Tire Distributors Inc., SIG Combibloc Group AG and Ascend Learning jumped onto the near-term calendar.

Dunkin’ bid rises

Dunkin’ Brands’ term loan B-4 was stronger bid in the secondary market on Wednesday as investors continued to react to a late Tuesday announcement about a planned refinancing, according to traders.

One trader had the term loan B-4 quoted at 99¼ bid, 99¾ offered, up from 98½ bid, 99¾ offered right after the news hit on Tuesday, and a second trader had the term loan B-4 at 99¼ bid, 99¾ offered, up from 97¼ bid, 98¼ offered prior to the news.

The company’s term loan C was quoted at 99 ½ bid, par ¼ offered, unchanged on the day, the second trader added.

Dunkin’ plans securitization

Dunkin’ Brands said in its news release that it intends to refinance its senior secured credit facility with a new securitized financing facility consisting of $2.3 billion of senior fixed-rate term notes and $100 million of variable funding notes.

As of Sept, 27, the outstanding balance under the senior secured credit facility was about $1.8 billion.

In addition to paying down the bank debt, the securitized financing facility will be used to fund the reserve accounts associated with the refinancing and for general corporate purposes, which may include stock repurchases.

Closing is expected this quarter.

Dunkin’ Brands is a Canton, Mass.-based franchisor of quick-service restaurants serving hot and cold coffee and baked goods as well as hard-serve ice cream.

Stonewall details emerge

Moving to the primary, Stonewall Gas Gathering held its Wednesday morning bank meeting at which the borrower launched a $350 million seven-year senior secured term loan B talked at Libor plus 650 basis points with a 1% Libor floor, an original issue discount of 98 and call protection of non-callable for one year then a 101 soft call for one year, according to a market source.

Commitments are due on Jan. 16 and closing is expected on Jan. 22, the source said.

Citigroup Global Markets Inc., BMO Capital Markets and Bank of America Merrill Lynch are leading the deal.

Proceeds will be used to fund the construction costs and construction period debt service associated with the development of the Stonewall Gas system and to pay related fees and expenses.

Stonewall Gas is a critical gas gathering pipeline system in the Southwest Marcellus shale that is being developed by M3 Midstream LLC.

Paris Presents reveals talk

Paris Presents launched during the session its $92 million six-year first-lien term loan with talk of Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and its $30 million seven-year second-lien term loan with talk of Libor plus 850 bps with a 1% Libor floor, a discount of 98, and call protection of 102 in year one and 101 in year two, a market source remarked.

The company’s $137 million credit facility also includes a $15 million five-year revolver.

Commitments are due on Jan. 21, the source added.

BNP Paribas Securities Corp. is leading the deal that will be used to fund the recently completed buyout of the company by Wasserstein & Co. LP from Mason Wells. Ontario Pension Board and Northwestern Mutual are co-investing in the transaction alongside Wasserstein.

Paris Presents is a Gurnee, Ill.-based provider of branded cosmetic and bath accessories to mass merchants, drug stores, specialty beauty stores and online retailers.

Angus discloses guidance

Angus Chemical came out with talk of Libor/Euribor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its $505 million of term loan debt that launched with a bank meeting, according to a market source.

The debt is comprised of a $355 million U.S. dollar term loan and a $150 million euro-equivalent term loan.

The company’s $570 million credit facility (B1/B+) also includes a $65 million revolver.

J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the $1,215,000,000 buyout of the company by Golden Gate Capital from The Dow Chemical Co.

Closing is expected this quarter, subject to regulatory approval and customary conditions.

Angus is a Buffalo Grove, Ill.-based manufacturer and distributor of nitroalkanes and their derivatives.

Mirion coming soon

Mirion Technologies scheduled a bank meeting for 2:30 p.m. ET in New York on Thursday to launch a $315 million credit facility, a market source said.

The facility is comprised of a $35 million five-year revolver, and a $280 million seven-year first-lien covenant-light term loan that has 101 soft call protection for six months, the source continued.

Commitments are due on Jan. 22.

Credit Suisse Securities (USA) LLC, RBC Capital Markets and HSBC Securities (USA) Inc. are leading the deal, which will be used to help fund the buyout of the company by Charterhouse Equity Partners LLC from American Capital.

Mirion is a provider of radiation detection products.

CSP readies deal

CSP Technologies set a bank meeting for 10 a.m. ET on Friday to launch a $195 million credit facility, according to a market source.

The facility consists of a $25 million revolver and a $170 million first-lien term loan, the source said.

Barclays is leading the deal that will be used with about $190 million in equity to fund the roughly $360 million buyout of the company by Wendel Group.

Total leverage is 5.1 times, the source added.

Closing is expected in the first quarter, following customary consultation with the company’s French Workers Council and after receiving necessary approvals from the antitrust authorities.

CSP Technologies is an Auburn, Ala.-based designer and producer of desiccant plastic vials for the diabetes test strip market.

Exact sets meeting

Exact Holding will hold a bank meeting at 2 p.m. ET on Monday to launch a $335 million seven-year first-lien term loan and a $125 million eight-year second-lien term loan, market sources said.

Along with the $460 million in first-and second-lien term loans, the company is getting a €30 million revolver, sources continued.

RBC Capital Markets, Deutsche Bank Securities Inc. and ING are leading the deal, with RBC the left lead on the first-lien debt and Deutsche the left lead on the second-lien debt.

Proceeds will be used with equity to fund the buyout of the company by Apax Partners for €32 per ordinary share.

Exact is a Netherlands-based vendor of on-premise and true-cloud accounting, CRM and ERP software for businesses.

Nellson joins calendar

Nellson Nutraceutical plans to hold a bank meeting on Tuesday to launch a $295 million first-lien senior credit facility that consists of a $55 million five-year revolver and a $240 million seven-year first-lien term loan, according to a market source.

The company is also getting a $73 million second-lien term loan that is being privately placed, the source said.

GE Capital Markets, BMO Capital Markets, RBC Capital Markets and Madison Capital are leading the deal that will be used to fund the tack-on acquisition of Le Groupe Mulitbar Inc. and refinance existing debt.

Nellson Nutraceutical, a Kohlberg & Co. LLC portfolio company, is an Irwindale, Calif.-based nutritional diet protein energy diabetic medical bar and powder manufacturer. Le Groupe Multibar is a Montreal-based manufacturer of nutritional and snack bars.

American Tire schedules call

American Tire Distributors set a conference call for 11 a.m. ET on Friday to launch a $140 million non-fungible covenant-light secured term loan due June 1, 2018 that is talked at Libor plus 475 bps with a step-down to Libor plus 450 bps at total net leverage of 4 times, a 1% Libor floor, 101 hard call protection until March 28, 2015 and an original issue discount that is still to be determined, according to a market source.

Bank of America Merrill Lynch is leading the deal that will be used with proceeds from an initial public offering of common stock to redeem 11.5% senior subordinated notes due 2018 and for general corporate purposes.

In connection with the new term loan, the company is amending its existing term loan to revise the step-down to Libor plus 450 bps to take effect at total net leverage of 4 times instead of at 4.5 times and to change the secured debt incurrence test to 4.5 times net secured leverage from 4 times. Current pricing on the existing term loan is Libor plus 475 bps.

Lenders are being offered a 25 bps consent fee, the source added.

American Tire is a Huntersville, N.C.-based replacement tire distributor.

SIG Combibloc on deck

SIG Combibloc is expected to hold bank meetings in New York and London during the week of Jan. 19 to launch a new U.S. and euro credit facility, according to sources, who said details on the financing are not yet available.

Bank of America Merrill Lynch, Barclays, Goldman Sachs, Credit Agricole, Mizuho, Nomura Securities Co. Ltd., Rabobank, RBC Capital Markets, RBS Securities Inc. and UniCredit are leading the deal.

Proceeds will be used with about $1.25 billion in equity to fund the buyout of the company by Onex Corp. for up to €3.75 billion, of which €3,575,000,000 will be paid at the closing and an additional up to €175 million will be payable based on the financial performance of SIG Combibloc in 2015 and 2016.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

SIG Combibloc is a Switzerland-based supplier of carton packaging and filling machines for beverages and food.

Ascend Learning plans add-on

Ascend Learning scheduled a call for 10 a.m. ET on Thursday to launch a $40 million add-on first-lien term loan due July 31, 2019, according to a market source.

Pricing on the add-on loan is Libor plus 500 basis points with a 1% Libor floor, in line with the existing first-lien term loan, and the original issue discount is still to be determined, the source said.

Bank of America Merrill Lynch, GE Capital Markets and Barclays are leading the deal that will be used with cash on hand to fund the acquisition of a U.S. based medical education management services provider.

Burlington, Mass., and Leawood, Kan.-based Ascend Learning is a provider of technology-based learning services focused on student training and testing results in health care and other vocational fields.

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