Novolex, Sonneborn, Total Merchant changes emerge; primary sees more than 10 deals launch

By Sara Rosenberg

New York, Dec. 2 – The primary market on Tuesday saw a couple of deals undergo revisions, with Novolex revising its first- and second-lien term loan sizes and spreads, widening the original issue discount on its second-lien tranche and sweetening the call protection on its first-lien tranche, Sonneborn LLC tightening the offer price on its term loan, and Total Merchant Services Inc. raising pricing on its term loan and shortening the maturity.

Also in the primary, Dealer Tire LLC, Vine Oil & Gas LP, Proserv Group Inc., Accuvant, Impax Laboratories Inc., CPM Holdings Inc., Siemens Audiology Systems (Auris Luxembourg III Sarl), Chief Power Finance LLC, New Media Investment Group Inc., CRGT Inc. and Bright Horizons Family Solutions Inc. disclosed price talk on their new deals, and Amneal Pharmaceuticals LLC and Emdeon Inc. emerged with loan plans.

Novolex on Tuesday raised its seven-year first-lien term loan to $880 million from $840 million, widened pricing to Libor plus 500 basis points from Libor plus 450 bps and extended the 101 soft call protection to one year from six months, according to a market source.

Also, the company’s 7˝-year second-lien term loan was trimmed to $230 million from $275 million, the spread was changed to Libor plus 875 bps from talk of Libor plus 825 bps to 850 bps and the discount was modified to 97˝ from 99, the source said.

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