National Veterinary, Alpha Media free up; Imagine! Print discloses price talk with launch

By Sara Rosenberg

New York, Feb. 24 – National Veterinary Associates’ (NVA Holdings Inc.) incremental term loan made its way into the secondary market on Wednesday, with levels quoted above its original issue discount, and Alpha Media broke for trading as well.

Moving to the primary market, Imagine! Print Solutions LLC came out with price talk on its term loan B in connection with its bank meeting.

National Veterinary breaks

National Veterinary Associates’ $115 million incremental term loan began trading on Wednesday, with levels seen at 97¾ bid, 98¾ offered, according to a trader.

Pricing on the term loan is Libor plus 450 basis points with a 1% Libor floor, and it was sold at an original issue discount of 97.5. The debt has 101 soft call protection for one year.

During syndication, the term loan was upsized from $100 million, and the discount was set at the tight end of the 97 to 97.5 talk.

Bank of America Merrill Lynch, Jefferies Finance LLC and Nomura are leading the deal that will be used for acquisition financing, for general corporate purposes and to pay down revolver drawings.

National Veterinary Associates is an Agoura Hills, Calif.-based owner of independent freestanding veterinary hospitals.

Alpha Media hits secondary

Alpha Media’s $265 million six-year first-lien term loan (B+) freed up for trading too, with levels quoted at 95 bid, 96 offered, a market source remarked.

Pricing on the first-lien term loan is Libor plus 600 bps with a 1% Libor floor, and it was sold at an original issue discount of 95. The tranche has 101 soft call protection for one year.

The first-lien term loan was first launched in October of last year at talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, but syndication was not completed. The deal was then essentially relaunched earlier this month.

Amortization on the first-lien term loan is 5% per annum, versus 2.5% per annum during last year’s syndication attempt.

Alpha lead banks

Citizens Bank and Antares Capital are the lead arrangers on Alpha Media’s first-lien term loan, which is a change from the October transaction in which Citizens was sole lead.

As was the case last year, the company’s $350 million credit facility also includes a $20 million revolver (B+) and a $65 million second-lien term loan that has been privately placed.

Proceeds will be used to fund the acquisition of radio stations from Digity LLC.

Alpha Media is a Portland, Ore.-based radio broadcast media company.

Imagine! reveals talk

Switching to the primary market, Imagine! Print Solutions held its bank meeting in the morning, launching its $320 million six-year term loan B with talk of Libor plus 600 bps to 625 bps with a 1% Libor floor, an original issue discount of 97 and 101 soft call protection for six months, a market source said.

The company’s $360 million credit facility (B2/B) also includes a $40 million five-year revolver.

Commitments are due on March 9, the source added.

RBC Capital Markets and Societe Generale are leading the deal that will be used with equity to fund the buyout of the company by Oak Hill Capital Partners from its founder, Bob Lothenbach, who will retain a significant minority ownership position.

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

Imagine! is a Minneapolis-based provider of printed in-store marketing solutions.

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