Salix, Las Vegas, Infor, Four Seasons, RedPrairie, Hillman, Edmentum, Sensus, GCA break

By Sara Rosenberg

New York, Dec. 17 - Salix Pharmaceuticals Ltd.'s credit facility made its way into the secondary market on Tuesday with its term loan quoted above its original issue discount price, and Las Vegas Sands LLC, Infor, Four Seasons Hotels and Resorts, RedPrairie (RP Crown Parent LLC), Hillman Group Inc., Edmentum Inc. (formerly known as Plato Learning) and Sensus USA Inc. freed up too.

Also, GCA Services Group Inc. finalized the spread on its term loan, tightened the discount on the tack-on debt and then it broke for trading as well.

In more happenings, Berry Plastics Corp. firmed the spread on its term loan at the low end of guidance and modified the offer price, and Moxie Patriot LLC moved funds between its funded and delayed-draw term debt and reduced pricing on the entire deal.

Furthermore, Alexander Mann Solutions (Violin Finco SARL) increased the size of its term loan while trimming the spread, and ION Media Networks Inc. set pricing on its term debt at the high side of talk and added a step-down.

Salix frees up

Salix Pharmaceuticals' credit facility began trading on Tuesday, with the $1.2 billion six-year covenant-light term loan B quoted at par ½ bid, 101 offered on the open and then it moved up to par ¾ bid, 101 1/8 offered, according to a market source.

Pricing on the term loan is Libor plus 325 basis points with a step-down to Libor plus 300 bps when leverage is less than 3.75 times. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at an original issue discount of 991/2.

During syndication, pricing on the term loan was reduced from talk of Libor plus 350 bps to 375 bps and the step-down was added.

The Raleigh, N.C.-based developer and marketer of prescription pharmaceutical products and medical devices is also getting a $150 million five-year revolver as part of its $1.35 billion deal (Ba1/BB).

Jefferies Finance LLC, Fifth Third Securities Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and SMBC are leading the senior secured deal that will be used with $750 million of notes and about $800 million of cash on hand to fund the acquisition of Santarus Inc., a San Diego-based specialty biopharmaceutical company, for $32 per share, or about $2.6 billion.

Closing is expected in the first quarter of 2014, subject to a minimum tender requirement.

Las Vegas Sands breaks

Las Vegas Sands' credit facility hit the secondary in the afternoon, with the $2.25 billion seven-year covenant-light term loan B quoted at 99 5/8 bid, par 1/8 offered, according to a trader.

Pricing on the term loan B is Libor plus 250 bps with a 0.75% Libor floor and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

The company's $3.5 billion senior secured credit facility (Ba2/BBB-/BBB-) also includes a $1.25 billion five-year revolver priced at Libor plus 150 bps with no Libor floor.

Earlier in the week, the term loan was downsized from $2.5 billion, pricing firmed at the high end of the Libor plus 225 bps to 250 bps talk and the 18 months MFN sunset provision was removed. Also, the revolver was upsized from $750 million.

Upon the sale of Sands Bethlehem, the first $500 million of proceeds will be used to repay and permanently reduce the revolver.

Barclays, Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp., Goldman Sachs Bank USA and Scotia Bank are leading the deal that will be used to repay an existing credit facility in full and for general corporate purposes. Scotia is the administrative agent.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

Infor above OID

Infor's $2.55 billion term loan B-5 due June 3, 2020 freed up during the session, with levels quoted at 99½ bid, par offered, according to a trader.

Pricing on the loan is Libor plus 275 bps with a 1% Libor floor and it was sold at a discount of 99. There is 101 soft call protection for one year.

Recently, the B-5 loan was upsized from $1.54 billion, the discount firmed at the tight end of the 98½ to 99 talk and the call protection was extended from six months.

With the term B-5 upsizing, plans were terminated for a $1 billion term loan B-4 due April 5, 2018 that was talked at Libor plus 275 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., RBC Capital Markets LLC and KKR Capital Markets are leading the deal that will be used to refinance a term loan B-2 priced at Libor plus 400 bps with a 1.25% Libor floor.

Infor is a New York-based provider of business software.

Four Seasons trades

Four Seasons' $750 million senior secured first-lien covenant-light term loan due June 27, 2020 also broke, with levels quoted at par ¼ bid, par ¾ offered, a trader said.

The loan is priced at Libor plus 275 bps with a 0.75% Libor floor and was issued at par. There is 101 soft call protection for six months.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Closing is targeted for Dec. 30.

Four Seasons is a Toronto-based luxury hotels company.

RedPrairie levels surface

RedPrairie's $1,439,000,000 first-lien covenant-light term loan due Dec. 21, 2018 began trading, with levels quoted at par ¼ bid, par ¾ offered, a trader remarked.

Pricing on the loan is Libor plus 500 bps with a 1% Libor floor and it was issued at par. There is 101 soft call protection for one year.

During syndication, the spread was set at the wide end of the Libor plus 475 bps to 500 bps talk and the call protection was extended from six months.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing first-lien term loan from Libor plus 550 bps with a 1.25% Libor floor.

RedPrairie is a Scottsdale, Ariz.-based provider of supply chain software services.

Hillman hits secondary

Hillman's $386.4 million term loan B due May 28, 2017 freed up too, with levels quoted at par ¼ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 275 bps, after firming recently at the low end of the Libor plus 275 bps to 300 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

Barclays, GE Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 300 bps with a 1.25% Libor floor.

Senior secured leverage is 3.1 times and total leverage is 6.2 times.

Hillman is a Cincinnati-based distributor of fasteners, key duplication systems, engraved tags and related hardware items.

Edmentum starts trading

Edmentum's $221 million first-lien term loan (Ba3) due May 2018 emerged in the secondary as well, with levels quoted at par ¼ bid, 101 offered, a market source said.

Pricing on the loan is Libor plus 450 bps with a 1% Libor floor and it was issued at par. There is 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading the deal that will be used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor, and take down the amortization from 5% per annum.

Existing lenders are getting repaid at 101 with the repricing.

Edmentum is a Minneapolis-based provider of online curriculum.

Sensus tops par

Sensus' fungible $50 million tack-on first-lien term loan (B2) due May 2017 also broke, with levels quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the loan is Libor plus 350 bps with a step-down at 4 times leverage and a 1.25% Libor floor. The debt was sold at a discount of 993/4, after tightening earlier this week from 991/2.

The spread and floor on the add-on match the existing first-lien term loan, and both the add-on and the existing loan are getting 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

Sensus is a Raleigh, N.C.-based technology company providing energy and water utility customers with conservation products and services.

GCA tweaked, breaks

GCA Services set the coupon on its $340 million first-lien covenant-light term loan due Nov. 1, 2019 at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, and kept the 1% Libor floor and 101 soft call protection for six months unchanged, according to a market source.

Of the total term loan amount, $30 million is tack-on debt and $310 million is to reprice an existing term loan.

The tack-on debt has an original issue discount of 993/4, revised from 99½ in the morning, and the repricing is offered at par.

Recommitments were due at noon ET on Tuesday, and then the deal freed up in the afternoon, with trading levels seen at par bid, par ½ offered, another source added.

Proceeds from the tack-on will be used to prepay a portion of the company's second-lien term loan. The repricing will take the existing loan down from Libor plus 400 bps with a step-down and a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal for the Cleveland-based provider of custodial services.

Berry updates pricing

Also on the loan front, Berry Plastics firmed pricing on its $1,125,000,000 seven-year first-lien covenant-light term loan (B1/B+) at Libor plus 275 bps, the tight end of the Libor plus 275 bps to 300 bps talk, and changed the original issue discount to 99¾ from 99, according to a market source.

As before, the loan has a 1% Libor floor and 101 soft call protection for six months.

Recommitments are due at 10 a.m. ET on Wednesday, the source remarked.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Barclays are leading the deal that will be used to refinance the company's existing term loan C due April 2015 priced at Libor plus 200 bps.

Berry Plastics is an Evansville, Ind.-based plastic consumer packaging provider.

Moxie changes emerge

Moxie Patriot trimmed its funded term loan B to $380 million from $385 million as its delayed-draw term loan B was raised to $205 million from $200 million, and the spread on all of the debt was lowered to Libor plus 575 bps from talk of Libor plus 600 bps to 625 bps, a market source said.

The $585 million of term loan debt (B+) still has a 1% Libor floor, an original issue discount of 99, and call protection of non-callable for 2½ years, then at 102 for a year and 101 for the following year.

Recommitments were due on Tuesday and allocations are expected to go out on Wednesday, the source continued.

Goldman Sachs Bank USA, Ares Capital and Union Bank of California are leading the deal that will be used to help fund the construction of the Patriot Generation Plant, an 829-megawatt natural gas fired power plant in Lycoming County, Pa.

Alexander Mann reworked

Alexander Mann Solutions lifted its six-year first-lien term loan to $160 million from $150 million and cut pricing to Libor plus 475 bps from Libor plus 525 bps, while keeping the 1% Libor floor, original issue discount of 99 and 101 soft call protection for one year intact, according to a market source.

The company's now $200 million credit facility also includes a $40 million five-year revolver.

Recommitments were due at 5 p.m. ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and ING Capital are leading the deal that will be used to help fund the buyout of the company by New Mountain Capital LLC.

Other funds for the transaction will come equity, the amount of which was reduced due to the term loan upsizing, the source added.

Closing on the buyout is subject to EU Competition Commission approval.

Alexander Mann is a London-based talent acquisition and management business.

ION modified

ION Media Networks set pricing on its $720 million seven-year term loan at Libor plus 400 bps, the wide end of the Libor plus 375 bps to 400 bps talk, added a step-down to Libor plus 375 bps when net first-lien leverage is less than 3 times and eliminated the MFN sunset provision, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

The company's $795 million credit facility (B1/B+) also includes a $75 million five-year revolver.

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

Generation Brands allocates

In other news, Generation Brands allocated its Wells Fargo Securities LLC-led term loans on Tuesday, according to a market source.

The debt consists of a $160 million five-year term loan B priced at Libor plus 650 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 hard call protection for one year, a $70 million 51/2-year second-lien term loan priced at Libor plus 1,050 bps with a 1.25% Libor floor, an original issue discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three, and a $40 million six-year holdco term loan that is privately held.

During syndication, the maturity on the first-lien term loan was extended from 4½ years and the call protection was revised from a 101 soft call for six months, and the maturity on the second-lien loan was extended from five years. Also, talk at launch on the first-lien term loan had been 8%, including an original issue discount of 99, and talk on the second-lien loan had been 12¼%, including a discount of 98.

Proceeds are being used by the lighting company to refinance existing debt.

U.S. Renal wraps

U.S. Renal Care Inc. allocated on Monday its roughly $637 million first-lien covenant-light term loan due July 3, 2019 that priced in line with talk at Libor plus 325 bps with a 1% Libor floor and was issued at par, according to a market source. The debt has 101 soft call protection for six months.

Barclays and RBC Capital Markets are the leads on the deal that is being used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

Closing is expected on Thursday and existing lenders are getting paid out at 101 with the repricing.

U.S. Renal is a Plano, Texas-based developer, acquirer and operator of outpatient treatment centers for persons suffering from chronic kidney failure.

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