LMI, LifePoint, J.G. Wentworth, Berry, Petco, EMSC break; Caesars moves on paydown, amendment

By Sara Rosenberg

New York, Feb. 4 - LMI Aerospace Inc., LifePoint Hospitals, J.G. Wentworth (Orchard Acquisition Co. LLC), Berry Plastics Corp., Petco Animal Supplies and Emergency Medical Services Corp. (EMSC) all freed up for trading on Monday.

Also in the secondary, Caesars Entertainment Corp.'s bank debt moved around on paydown and amendment news, and United Surgical Partners International Inc.'s add-on term loan was a little lower with repricing and expansion chatter.

Moving to the primary, SurveyMonkey increased its term loan B size while cutting the coupon and original issue discount, and INC Research LLC finalized pricing on its term loan B at the wide end of talk.

Additionally, Vantage Specialty Chemicals trimmed the spread on its term loan, and Wenner Media LLC downsized its term loan B, widened pricing, revised original issue discount talk and sweetened call premiums.

Furthermore, Centaur Gaming, American Renal Holdings Inc., Weather Channel, BJ's Wholesale Club Inc., Fairway Group Acquisition Co., Immucor Inc., Sheridan Holdings Inc., JBS USA LLC, Cinedigm Digital Cinema Corp., DuPont Performance Coatings and HD Supply Inc. talk surfaced with launch, and Calpine Corp. and Asurion LLC announced deal plans.

LMI frees up

LMI Aerospace's credit facility hit the secondary market on Monday, with its $225 million six-year term loan B quoted at par ¾ bid, 101¼ offered on the break and then it moved to par 7/8 bid, 101 3/8 offered, accordgin to a trader.

Pricing on the B loan is Libor plus 350 basis points with a step-down to Libor plus 325 bps when total leverage is less than 3 times. There is a 1.25% Libor floor and 101 soft call protection for one year, and the debt was sold at a discount of 991/2.

The company's $350 million senior secured credit facility (B1/B+) also includes a $125 million revolver with a 50 bps unused fee that can step down to 37.5 bps based on leverage.

During syndication, pricing on the term loan B was cut from talk of Libor plus 400 bps to 425 bps, the step-down was added and the discount tightened from 99. In addition, the revolver was upsized from $100 million.

LMI buys Valent

Proceeds from LMI Aerospace's credit facility will be used to back the company's already completed purchase of Valent Aerostructures LLC, refinance existing debt and provide for working capital needs.

RBC Capital Markets and Wells Fargo Securities LLC are the lead banks on the deal.

LMI Aerospace is a St. Charles, Mo.-based supplier of structural assemblies, kits and components and provider of design engineering services to the aerospace and defense industries. Valent is a Kansas City, Mo.-based provider of structural components, major sub-assemblies and machined parts for airframe manufacturers.

LifePoint starts trading

LifePoint Hospitals' $325 million 41/2-year senior secured incremental term loan B also broke, with levels quoted at par bid, 101 offered, a trader said.

Pricing on the loan is Libor plus 250 bps with no Libor floor, and it was sold at an original issue discount of 993/4. There is 101 soft call protection for six months.

Recently, the loan was upsized from $225 million, the coupon was cut from Libor plus 275 bps, the discount was changed from 99½ and call protection was shortened from one year.

Citigroup Global Markets Inc., Bank of America Merrill Lynch and Barclays are leading the deal that will be used to repurchase 3¼% convertible subordinated notes, the source added.

LifePoint Hospitals is a Brentwood, Tenn.-based hospital company.

J.G. Wentworth tops OID

J.G. Wentworth's credit facility made its way into the secondary market as well, with the $425 million six-year covenant-light term loan B quoted at 98 bid, 99 offered, a trader said.

Pricing on the B loan is Libor plus 750 bps with a 1.5% Libor floor, and it was sold at a discount of 961/2. The debt is non-callable for one year, then at 103 in year two and 101½ in year three.

During syndication, the loan was upsized from $350 million, the discount widened from 97, the tenor was extended from five years and the financial maintenance covenants were removed.

The company's $445 million credit facility (Caa1/B) also includes a $20 million 41/2-year revolver.

Jefferies is leading the deal that will be used to refinance existing debt and to fund a distribution to shareholders.

J.G. Wentworth is Radnor, Pa.-based purchaser of deferred payments from illiquid financial assets such as structured settlements and fixed annuities.

Berry Plastics breaks

Another deal to free up was Berry Plastics' $1.4 billion seven-year covenant-light first-lien incremental term loan D (B1/B+), with levels quoted at par bid, par ¼ offered, a source remarked.

Pricing on the loan is Libor plus 250 bps with a 1% Libor floor, and it was sold at par. There is 101 repricing protection for one year.

Last week, the term loan was upsized from $1 billion, pricing was reduced from Libor plus 300 bps and the offer price tightened from 991/2.

Proceeds from the upsizing will be used to redeem all of the company's 8¼% first priority senior secured notes due 2015, while the remaining proceeds will be used to redeem second-priority senior secured floating-rate notes due 2014, first-priority senior secured floating-rate notes due 2015 and 10¼% senior subordinated notes due 2016.

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

Berry is an Evansville, Ind.-based manufacturer and marketer of plastic packaging products.

Petco above par

Petco Animal Supplies began trading too, with its roughly $1.2 billion first-lien term loan due Nov. 24, 2017 quoted at par ¼ bid, according to a market source.

Pricing on the loan is Libor plus 300 bps with a 1% Libor floor, and it was sold at par. There is 101 soft call protection for six months.

Proceeds are being used to reprice an existing term loan from Libor plus 325 bps and the 1.25% Libor floor.

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

Petco is a San Diego-based specialty retailer of pet food, supplies and services.

Emergency Medical levels

Emergency Medical Services' term loan debt broke, with levels quoted at par ¼ bid, 101 offered, according to a source.

The covenant-light debt, which includes a repriced $1.17 billion term loan and a $150 million add-on term, is priced at Libor plus 300 bps with a step-down to Libor plus 275 basis points when net first-lien leverage is below 2.5 times. There is a 1% Libor floor and the debt was sold at par.

During syndication, the offer price on the add-on firmed at the tight end of the 99¾ to par talk, the Libor floor was reduced from 1.25% and the step-down was added.

Proceeds from the add-on will be used to repay ABL credit facility borrowings, and with the repricing, the company is taking the existing loan pricing down from Libor plus 375 bps with a 1.5% Libor floor.

Deutsche Bank Securities Inc., Barclays, Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., RBC Capital Markets and UBS Securities LLC are the bookrunners on the deal.

Emergency Medical is a Greenwood Village, Colo.-based provider of emergency medical services.

Caesars bounces around

In more trading happenings, Caesars Entertainment, a Las Vegas-based diversified casino-entertainment company, saw movement in its bank debt as an amendment and repayment were announced, with most tranches seen higher, and the PropCo loan seen lower, according to a trader.

The non-extended term loans B-1, B-2 and B-3 were all quoted at 99 5/8 bid, par 1/8 offered, up from 99¼ bid, 99¾ offered, the extended term loan B-5 was quoted at 92 bid, 93 offered, up from 91 bid, 91½ offered, and the term loan B-6 was quoted at 93¼ bid, 93¾ offered, up from 92½ bid, 93 offered, the trader said.

Meanwhile, the PropCo term loan was quoted at 91 bid, 92 offered, down from 92¼ bid, 93¼ offered, and the non-extended term loan B-4 was pretty flat at 101½ bid, 102½ offered, versus 101½ bid, 102¼ offered, he continued.

Caesars amendment/paydown

Caesars revealed in the morning that it will repay term loan borrowings with proceeds from a $1.5 billion senior secured notes offering.

With the offering, the company is looking to amend its credit facility to allow for the term loan paydowns, with the funds first being applied to B-1, B-2 and B-3 debt, then to B-5 and B-6 debt in an amount up to 20% of the principal amount of those tranches and then to outstanding term loans as the company chooses.

After taking into account the repayments and commitment reductions as of Sept. 30, on a pro forma basis, there would have been $2.94 billion of B-6 term loans outstanding, $972.5 million of B-4 term loans outstanding, $1.22 billion of B-5 term loans outstanding, $676.4 million of B-1, B-2 and B-3 term loans outstanding.

The amendment will also change the calculation of the senior secured leverage ratio to exclude the notes, increase the accordion by an additional $650 million and provide for up to $100 million of extended revolver commitments due Jan. 28, 2017.

United Surgical dips

United Surgical's add-on term loan due April 2019 fell to par ¼ bid, 101¼ offered from par ½ bid, 101½ offered as the company announced that it will reprice the tranche down from Libor plus 475 bps with a 1.25% Libor floor and expand it by $150 million, according to a trader.

The company also intends to reprice its term loan B due April 2017 from Libor plus 450 bps with a 0.75% Libor floor, but that debt was unchanged in trading at par ¼ bid, 101¼ offered, the trader said.

Proceeds from the incremental 2019 debt will be used to repay a $144.4 million non-extended term loan due 2014, which was seen in the secondary at 99¾ bid, par ¼ offered, versus prior levels of 99¾ bid, par ¾ offered, the trader added.

J.P. Morgan Securities LLC is the lead bank on the repricing and expansion deal that will launch with a call on Tuesday afternoon.

United Surgical is a Dallas-based owner and operator of ambulatory surgery centers, surgical hospitals and related businesses.

SurveyMonkey revises deal

Switching to the primary, SurveyMonkey upsized its six-year term loan B to $315 million from $300 million, lowered pricing to Libor plus 425 bps from talk of Libor plus 450 bps to 475 bps and moved the original issue discount 99½ from 981/2, a market source said.

The tranche still has a 1.25% Libor floor and 101 soft call protection for one year.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Goldman Sachs & Co. and SunTrust Robinson Humphrey Inc. are leading the now $365 million credit facility (B2/B), which also includes a $50 million five-year revolver.

Recommitments were due on Monday, the source added.

SurveyMonkey, a provider of online survey tools, will use the new credit facility to refinance existing debt, fund share buybacks and for general corporate purposes.

INC finalizes coupon

INC Research set the spread on its roughly $296 million term loan B due July 2018 at Libor plus 475 bps, the wide end of the Libor plus 450 bps to 475 bps talk, while keeping the pricing grid, 1.25% Libor floor, par offer price and 101 soft call protection for one year intact, according to a market source.

Recommitments were due at 3 p.m. ET on Monday, the source said.

J.P. Morgan Securities LLC is leading the loan that will be used to refinance the company's existing term loan B.

INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization.

Vantage cuts spread

Vantage Specialty Chemicals lowered pricing on its roughly $238 million term loan to Libor plus 375 bps from Libor plus 425 bps, and left the 1.25% Libor floor, par offer price and 101 soft call protection for one year unchanged, according to a market source.

Commitments are still due on Wednesday, the source remarked.

RBC Capital Markets is leading the deal for the Chicago-based specialty chemicals company.

Proceeds are being used to reprice an existing term loan from Libor plus 550 bps with a 1.5% Libor floor.

Wenner reworked

Wenner Media trimmed its five-year term loan B to $190 million from $200 million, lifted pricing to Libor plus 950 bps from Libor plus 800 bps, widened original issue discount talk to 96½ to 97 from 98 and changed the call protection to a hard call of 103½ in year one, 102 in year two and 101 in year three from soft call protection of 102 in year one and 101 in year two, according to a market source.

As before, the term loan B has a 1.25% Libor floor.

The company's now $205 million credit facility (B3/B) also provides for a $15 million 41/2-year revolver.

Lead bank, J.P. Morgan Securities LLC, is asking for recommitments on the deal by Tuesday.

Wenner Media, a New York-based provider of entertainment and lifestyle brand publications, first launched this credit facility to investors back in December.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Saxon moves deadline

Saxon Energy Services Inc. accelerated the commitment deadline on its $525 million credit facility (Ba3/B) to 5 p.m. ET on Tuesday from 5 p.m. ET on Thursday, according to a market source.

The facility includes a $100 million revolver and a $425 million term loan.

Talk on the term loan is Libor plus bps with a 1.25% Libor floor and an original issue discount of 99, and there is 101 soft call protection for one year.

RBC Capital Markets LLC, HSBC Securities (USA) Inc., UBS Securities LLC and Scotia Capital (USA) Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Saxon is a Calgary, Alta.-based oil services company providing land based drilling and workover service to oil and gas exploration and production companies.

Centaur discloses pricing

Also in the primary, Centaur Gaming hosted a bank meeting on Monday, and with the launch, price talk on the $460 million six-year first-lien term loan B (B1/B+) and $185 million seven-year second-lien term loan (Caa1/CCC+) was revealed, according to a market source.

The first-lien term loan is talked at Libor plus 450 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

And the second-lien term loan is talked at Libor plus 825 bps with a 1.25% Libor floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three, the source continued.

The company's $665 million credit facility also includes a $20 million five-year revolver (B1/B+).

Commitments are due on Feb. 15, the source added.

Goldman Sachs & Co. and Deutsche Bank Securities Inc. are leading the deal that will fund the roughly $500 million purchase of Indiana Grand Casino and Indiana Downs racetrack and refinance debt.

Centaur is the owner and operator of Hoosier Park Racing & Casino, a casino and racetrack located near Indianapolis.

American Renal recapitalizing

American Renal launched a $690 million senior credit facility that will be used to refinance existing debt and fund a dividend, according to sources.

The facility consists of a $50 million revolver, a $400 million 61/2-year covenant-light first-lien term loan talked at Libor plus 325 bps with a 1.25% Libor floor and an original issue discount of 991/2, and a $240 million seven-year covenant-light second-lien term loan talked at Libor plus 725 bps with a 1.25% Libor floor and a discount of 981/2, sources said.

Included in the first-lien loan is 101 soft call protection for one year and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, Barclays and Deutsche Bank Securities Inc. are the lead banks on the deal.

American Renal is a Beverly, Mass.-based owner and provider of outpatient kidney dialysis services.

Weather Channel guidance

Weather Channel released talk of Libor plus 250 bps to 275 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for six months on its roughly $1.6 billion term loan B in connection with its lender call on Monday, according to a market source.

Proceeds will be used to reprice the existing term loan B from Libor plus 325 bps with a 1% Libor floor.

Commitments are due at noon ET on Thursday, the source said.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC are leading the transaction.

Weather Channel is an Atlanta-based media company devoted to bringing weather news via television, internet and mobile devices.

BJ's sets talk

BJ's Wholesale Club is talking the repricing of its $1.3 billion first-lien term loan at Libor plus 300 bps to 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

The repricing is taking the loan down from Libor plus 450 bps with a 1.25% Libor floor.

Commitments are due on Feb. 11, the source added.

Deutsche Bank Securities Inc. is leading the deal that launched with a call during the session.

BJ's is a Westborough, Mass.-based operator of warehouse clubs.

Fairway details emerge

Fairway also held a lender call, and shortly before the event kicked off, lenders were told that the purpose of the call was to launch a repricing of its $265 million first-lien term loan due August 2018 to Libor plus 550 bps with a 1.25% Libor floor from Libor plus 675 bps with a 1.5% Libor floor, according to a market source.

The repriced loan is being offered at par and has 101 repricing protection for one year, and existing lenders will get paid down at 101 with this transaction, the source said.

Commitments are due on Friday.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Jefferies & Co. are leading the deal.

Fairway is a supermarket chain with locations in New York, New Jersey and Connecticut.

Immucor launches

Immucor approached lenders with a repricing of its $665 million term loan (BB-) in the morning, and talk on the deal is Libor plus 375 bps with a 1.25% Libor floor and 101 soft call protection through August 2013, according to a market source.

By comparison, current pricing on the loan is Libor plus 450 bps with a 1.25% Libor floor. Existing lenders are getting paid out at 101.

With the repricing, the company is seeking to remove the financial maintenance covenant from the term loan, the source said.

Commitments are due on Feb. 11.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal.

Immucor is a Norcross, Ga.-based provider of automated instrument-reagent systems to the blood transfusion industry.

Sheridan holds call

Sheridan Holdings hosted a lender call in the late afternoon, launching a $672 million first-lien covenant-light term loan due June 2018 that will be used to reprice $597 million of existing debt and add $75 million to the balance sheet, according to a market source.

The term loan is talked at Libor plus 350 bps with a 1% Libor floor and 101 repricing protection for six months, the source said. The new debt is offered at an original issue discount of 991/2, while the repriced debt is being offered at par.

Existing lenders are getting paid out at 101 with the repricing.

Joint lead arrangers, Credit Suisse Securities (USA) LLC and Barclays, are asking for commitments by Friday, the source added.

Sheridan Holdings is a Sunrise, Fla.-based provider of outsourced health care services.

JBS seeks loan

JBS USA launched its roughly $468 million term loan B due May 2018 with talk of Libor plus 250 bps to 275 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal that will be used to refinance the existing term loan B due May 2018.

JBS is a Greeley, Colo.-based processor of beef, pork and lamb.

Cinedigm terms surface

Cinedigm Digital Cinema launched its roughly $130 million five-year term loan on Monday with talk of Libor plus 300 bps, which is in line with earlier guidance, and disclosed that the debt will have a 1% Libor floor, according to a market source.

Also, the new money portion of the term loan - about $40 million - is being offered at an original issue discount of 991/2, the source said.

Proceeds from the new money will be used to repay some mezzanine debt and the rest will be used to reprice existing term loan borrowings from Libor plus 350 bps with a 1.75% Libor floor while extending the maturity from May 2016.

Existing lenders are being offered a 50 bps amendment fee.

Lead bank, Societe Generale, is seeking commitments by Feb. 12, the source added.

Cinedigm is a Morristown, N.J.-based company that converts movie theaters into digital and networked entertainment centers.

DuPont comes to market

DuPont Performance Coatings launched a repricing of its $2.3 billion covenant-light U.S. term loan B-1 to Libor plus 300 bps with a 1% Libor floor from Libor plus 350 bps with a 1.25% Libor floor, according to a market source, who said the repriced loan is being offered at par and has 101 soft call protection for six months.

Commitments are due at noon ET on Friday.

Barclays is leading the deal.

DuPont Performance Coatings is a Wilmington, Del.-based supplier of vehicle and industrial coating systems.

HD Supply repricing

HD Supply launched the repricing of its roughly $1 billion term loan with talk of Libor plus 325 bps with a 1% to 1.25% Libor floor, a par offer price and 101 soft call protection for six months, a source said.

By comparison, current pricing on the loan is Libor plus 600 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch is the lead bank on the deal.

HD Supply is an Atlanta-based wholesale distributor for the infrastructure and energy, maintenance, repair and improvement and specialty construction sectors.

Calpine readies deal

Calpine scheduled a lender call for 10:30 a.m. ET on Tuesday to launch a repricing of its $2.465 billion of term loan B-1, B-2 and B-3 borrowings from Libor plus 325 bps with a 1.25% Libor floor, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal.

Calpine is a Houston-based power company.

Asurion plans loan

Asurion set a call for 2 p.m. ET on Tuesday to launch a $2.6 billion incremental first-lien term loan due May 24, 2019 that has 101 soft call protection for one year, according to sources.

Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the deal.

Proceeds will be used to repay some first-lien debt and second-lien term loan borrowings.

Asurion is a Nashville-based provider of technology protection services.

J. Crew closes

In other news, J. Crew Group Inc. closed on its roughly $1.18 billion term loan due March 7, 2018 that is priced at Libor plus 300 bps, according to an 8-K filed with the Securities and Exchange Commission.

The loan has a step-down to Libor plus 275 bps when the issuer is upgraded by Moody's Investors Service to B1 that was added during syndication, a 1% Libor floor and 101 soft call protection for six months. The debt was sold at par.

Proceeds were used to reprice/refinance an existing term loan that is priced at Libor plus 325 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch led the deal.

J. Crew is a New York-based retailer of women's, men's and children's apparel, shoes and accessories.

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