SS&C, Granite, CAMP, AmWINS break; Royalty Pharma, Roofing, EVO, Rivers revise deals

By Sara Rosenberg

New York, May 23 - SS&C Technologies Holdings Inc. finalized the original issue discount on its term loan B and then broke for trading on Wednesday, and Granite Broadcasting Corp., CAMP International Holding Co. and AmWINS Group Inc. hit the secondary too.

Over in the primary, Royalty Pharma widened the original issue discount on its add-on term loan, Roofing Supply Group LLC raised price talk on its institutional tranche, and another opportunistic deal bit the dust, as Univar Inc.'s incremental term loan B was withdrawn from market as a result of unfavorable conditions.

On the flip side, pro rata deals appear to be getting a good amount of interest, with EVO Payments International increasing the size of its revolving credit facility and Rivers Pittsburgh Borrower LP also looking at an upsizing.

Meanwhile, in more primary happenings, Ascena Retail Group Inc. and Wastequip LLC released price talk on their term loans with launch, and EquiPower Resources Holdings surfaced with new deal plans.

SS&C starts trading

SS&C Technologies' credit facility made its way into the secondary market on Wednesday, with the $800 million seven-year term loan B quoted at 99 7/8 bid, according to a market source.

Pricing on the term loan B, which is divided between a $725 million B-1 and a $75 million B-2, is Libor plus 400 basis points with a 1% Libor floor, and it was sold at original issue discount of 99. There is 101 soft call protection for one year.

The discount firmed at the high end of the recently revised guidance of 99 to 99½ and wide of initial talk of 991/2. Other changes made during syndication include downsizing the B-2 from $100 million, increasing pricing on the entire tranche from Libor plus 350 bps and extending the call protection from six months.

SS&C pro rata details

SS&C Technologies' $1,225,000,000 senior secured credit facility (Ba3/BB-) also provides for a $100 million 51/2-year revolver and a $325 million 51/2-year term loan A, and there is also a $142 million 364-day bridge loan.

Pricing on the A loan, which was upsized from $300 million and sold at a discount of 991/2, and on the bridge loan is Libor plus 275 bps with no floor.

Deutsche Bank Securities Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are leading the deal that will fund the purchase of GlobeOp Financial Services SA for 485p per share and refinance an existing credit facility.

Net total leverage is 4.1 times.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. GlobeOp, with headquarters in London and New York, is a provider of business process outsourcing, financial technology services and analytics to the financial industry.

Granite tops OID

Granite Broadcasting's credit facility also freed up, with the $215 million six-year first-lien term loan B (B2/B) quoted at 98½ bid, 99½ offered, according to a trader.

Pricing on the term loan B is Libor plus 725 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 971/2. There is hard call protection of 102 in year one and 101 in year two.

During syndication, the maturity was shortened from seven years, pricing flexed up from Libor plus 650 bps, the discount was changed from the 98½ context and the call premium was sweetened from just 101 soft call protection for one year.

The New York-based television broadcasting company's $265.6 million credit facility also includes a $5 million five-year revolver (B2/B) and a $45.6 million 10-year second-lien term loan.

J.P. Morgan Securities LLC is leading the deal that is being used to refinance existing debt.

CAMP frees up

Another deal to begin trading was CAMP International's credit facility, with its $230 million seven-year covenant-light first-lien term loan (B1/B) quoted by one trader at 99½ bid, par ¼ offered and by a second trader at 99¾ bid, par ¾ offered, after breaking at 99½ bid.

The $115 million 71/2-year covenant-light second-lien term loan (Caa2/CCC+), meanwhile, was seen by the first trader at 99 bid at the open and then it moved up to par bid, 101½ offered. The second trader was quoting it at 101 bid, 101½ offered.

Pricing on the first-lien term loan is Libor plus 525 bps with a step-down to Libor plus 500 bps if first-lien net leverage is less than 4 times. There is a 1.25% Libor floor and 101 soft call protection for one year, and it was sold at a discount of 99.

The second-lien term loan is priced at Libor plus 875 bps with a 1.25% Libor floor and was sold at a discount of 98. There is call protection of 103 in year one, 102 in year two and 101 in year three.

CAMP lead banks

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets and UBS Securities LLC are the lead banks on CAMP International's $375 million credit facility, which also includes a $30 million five-year revolver (B1/B).

The deal was really well received by the market, so during syndication, pricing on the first-lien term loan was reduced from Libor plus 550 bps and the step-down was added, and pricing on the second-lien loan was cut from Libor plus 900 bps.

Proceeds will be used to help fund the buyout of the company by GTCR from Warburg Pincus.

CAMP International is a Ronkonkoma, N.Y.-based provider of maintenance tracking for business aviation.

AmWINS breaks

AmWINS freed up on Wednesday too, with its $345 million seven-year first-lien term loan quoted at 99¼ bid, par offered and its $300 million 71/2-year second-lien term loan quoted at 98 bid, 99 offered, a source said.

Pricing on the first-lien term loan is Libor plus 450 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 99, and second-lien pricing is Libor plus 800 bps with a 1.25% Libor floor, and it was sold at a discount of 98.

The first-lien term loan, which was upsized earlier from $295 million, has 101 repricing protection for one year, and the second-lien term loan, which was downsized from $350 million, has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $720 million credit facility also includes a $75 million five-year revolver.

AmWINS being acquired

Proceeds from AmWINS' credit facility will be used to help fund the buyout of a majority stake in the company by New Mountain Capital from Parthenon Capital Partners in a recapitalization that is valued at about $1.3 billion.

Employee shareholders will continue to own more than 30%, valued at over $160 million, of AmWINS equity at the conclusion of the recapitalization.

Closing is subject to regulatory approvals and customary conditions.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Macquarie Capital and Wells Fargo Securities LLC are the lead banks on the credit facility.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Royalty Pharma tweaks OID

Moving to the primary, Royalty Pharma changed the original issue discount on its $500 million add-on term loan (Baa2/BBB-) due 2018 to 98½ from talk of 99 to 991/2, a market source said. Pricing is Libor plus 300 bps with a 1% Libor floor.

The spread and floor match existing 2018 term loan pricing, but that debt was sold last summer at an original issue discount of 991/2.

Commitments were due at 5 p.m. ET on Wednesday and closing is targeted for next week.

Bank of America Merrill Lynch, Goldman Sachs & Co. and Citigroup Global Markets Inc. are the lead banks on the deal that will back the already completed $761 million acquisition of an interest in the earn-out payable to the former shareholders of Fumapharm AG.

Royalty Pharma is a New York-based acquirer of royalty interests in marketed and late-stage biopharmaceutical products. The borrower of the loan is a subsidiary named RPI Finance Trust.

Roofing lifts guidance

Roofing Supply modified price talk on its $290 million seven-year term loan B (B2/B) to Libor plus 500 bps to 525 bps from Libor plus 450 bps, while leaving the 1.25% Libor floor, original issue discount of 99 and 101 soft call protection for one year intact, according to market sources.

The company's $465 million credit facility also includes a $175 million five-year ABL revolver.

Commitments were due by the end of the day on Wednesday, sources said.

Deutsche Bank Securities Inc., Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, UBS Investment Bank and Citigroup Global Markets Inc. are leading the deal that will be used with $200 million of notes to fund the purchase of the company by Clayton, Dubilier & Rice LLC from the Sterling Group.

Roofing Supply, a Dallas-based wholesale distributor of roofing supplies and related materials, expects to close on the buyout this quarter.

EVO revises size

EVO Payments lifted its revolver to $145 million from $115 million while leaving the term loan A at $80 million, resulting in a new total facility size of $225 million, according to a market source.

Pricing on the deal remained at Libor plus 250 bps with no Libor floor.

SunTrust Robinson Humphrey Inc. and Fifth Third Securities Inc. are leading the facility that will be used to refinance existing debt.

Closing is targeted to take place this week.

With this transaction, EVO, a Melville, N.Y.-based credit card processor, will have leverage of roughly 2.2 times.

Rivers Pittsburgh upsizing

Rivers Pittsburgh went out to lenders with a proposed upsizing of its term loan A to $185 million from $160 million, which could result in the company's bond deal being reduced to somewhere in the area of $275 million to $280 million, according to a market source.

The term loan A and a $15 million revolver are being talked at Libor plus 375 bps, with no grid. The revolver has a 50 bps unused fee.

Recommitments are due at the end of the day on Thursday, the source said.

Wells Fargo Securities LLC is the lead bank on the potentially $200 million five-year credit facility (B1/BB-) that will be used to help refinance $302 million of first-lien debt and about $184 million of senior preferred PIK interests.

Rivers Pittsburgh is a Pittsburgh-based casino operator.

Univar cancels incremental

Univar pulled its $750 million incremental term loan B (B2) from market - a trend that has been seen recently from companies seeking opportunistic financings like Town Sports International Holdings Inc. and Lord & Taylor - as conditions in the primary have worsened, according to a source.

The loan due June 30, 2017 was being talked at Libor plus 375 bps to 400 bps with a 1.5% Libor floor and an original issue discount of 99 to 99½ and included 101 soft call protection for one year.

The new loan was going to be fungible with the existing term loan B, which was sold in February 2011 at par and priced at Libor plus 350 bps with a 1.5% Libor floor.

Bank of America Merrill Lynch, Goldman Sachs & Co., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were leading on the deal that was going to be used to refinance existing debt and fund a distribution to shareholders.

Univar is a Redmond, Wash.-based distributor of industrial and specialty chemicals.

Ascena sets talk

Also on the new deal front, Ascena Retail Group held a bank meeting on Wednesday morning to launch its $300 million six-year term loan B (Ba2/BB+), and with the event, talk was revealed at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to a market source.

By comparison, when first announcing the deal early this month, the company had said that it expects the spread to likely be in the range of Libor plus 325 bps to 350 bps.

Lead banks J.P. Morgan Securities LLC and Bank of America Merrill Lynch are seeking commitments by June 6, the source added.

Ascena buying Charming

Proceeds from Ascena's term loan, along with a $175 million draw under an existing ABL revolver, will fund the acquisition of Charming Shoppes Inc. for $7.35 per share, or about $890 million.

The revolver is expected to be upsized to $250 million from $200 million and carries pricing that can range from Libor plus 200 bps to 250 bps.

Closing on the acquisition is anticipated to occur this quarter, subject to customary conditions and approvals and the tender of at least 80% of the shares.

Ascena is a Suffern, N.Y.-based specialty retailer of apparel for women and tween girls. Charming Shoppes is a Bensalem, Pa.-based retailer specializing in women's plus-size apparel.

Wastequip pricing

Wastequip launched with a bank meeting as well, and talk on its $150 million term loan B (B3/BB-) came out at Libor plus 600 bps to 625 bps with a 1.25% Libor floor, an original issue discount of 98 and 101 soft call protection for one year, according to a market source.

The company's $190 million senior secured credit facility also includes a $40 million revolver (Ba2/BB-).

Lead bank, Goldman Sachs & Co., is asking for commitments by June 4, the source said.

Proceeds will fund a recapitalization under which first-lien lenders are expected to get about a 90% equity stake in the company.

Wastequip is a Charlotte, N.C.-based manufacturer of waste handling equipment and recycling equipment.

EquiPower readies deal

EquiPower Resources announced new loan plans, setting a bank meeting for May 31 to launch a $975 million credit facility that consists of a $90 million revolver, a $685 million first-lien term loan and a $200 million second-lien term loan, according to a market source.

Barclays Capital Inc. is the left lead bank on the deal that will be used to refinance existing debt, pay deferred costs associated with hedge restructuring, fund debt service reserve and pay a small dividend.

In early 2011, the company got a $525 million secured credit facility that consisted of a $100 million revolver priced at Libor plus 425 bps and a $425 million term loan priced at Libor plus 425 bps with a 1.5% Libor floor and sold at an original issue discount of 99.

EquiPower is a Hartford, Conn.-based competitive power generation company that is owned by Energy Capital Partners LLC.

Hub International closes

Hub International Ltd. funded its $215 million add-on term loan due June 14, 2017 that is priced at Libor plus 450 bps with no Libor floor, and was sold at an original issue discount of 99, according to a news release.

During syndication, the original issue discount firmed at the low end of the 98½ to 99 guidance.

The loan is fungible with the existing extended term loan B due June 14, 2017 that has the same spread as the add-on and the same 101 soft call protection through April 24, 2013.

Morgan Stanley Senior Funding Inc. was the lead arranger on the deal and a bookrunner with Bank of America Merrill Lynch and RBC Capital Markets LLC.

Hub, a Chicago-based insurance company, used proceeds from the add-on loan to refinance non-extended term loan debt and incremental term loans due June 2014.

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