Kronos, Station Casinos, Stuart Weitzman break; Nine West, National Vision, C.H.I. revised

By Sara Rosenberg

New York, March 4 - Kronos Inc.'s add-on term loans made their way into the secondary market on Tuesday and were seen trading above their original issue discounts, and Station Casinos LLC and Stuart Weitzman LLC freed up for trading as well.

Moving to the primary market, Nine West Holdings Inc. modified term loan and revolver sizes and set the spread on its term loan B at the wide end of revised talk, National Vision Inc. shifted some funds between its term loans and flexed pricing lower, and C.H.I. Overhead Doors Inc. tightened the offer price on its add-on loan.

Also, Avast, Presidio Inc., OneStopPlus Group, Orient-Express Hotels Interfin Ltd., Talbots Inc. and Ellucian disclosed price talk in connection with their launches, and CEVA Group plc, XO Communications LLC, Lands' End Inc. and Microsemi Corp. joined this week's calendar.

Kronos frees up

Kronos' term loans began trading on Tuesday, with the $315 million first-lien covenant-light tack-on term loan (B-) due October 2019 quoted at par ¾ bid and the $175 million second-lien covenant-light tack-on term loan (CCC) due April 2020 quoted at 103 bid, 105 offered, according to a trader.

The existing first-lien term loan was quoted at 101 bid, 101½ offered. This debt will be fungible with the add-on first-lien term loan when the transaction closes in about a month and a half.

Pricing on the add-on first-lien loan is Libor plus 350 basis points with a 1% Libor floor and it was sold at 991/2. There is 101 soft call protection through October 2014 and a ticking fee starting April 4 of half the spread.

The add-on second-lien term loan is priced at Libor plus 850 bps with a 1.25% Libor floor and was sold at 991/2. This debt has call protection of 103 through October 2015, 102 for a year and 101 for the following year.

Credit Suisse Securities (USA) LLC is leading the $490 million deal that will be used to fund a shareholder distribution in connection the acquisition of a minority stake in the Chelmsford, Mass.-based provider of workforce management software by Blackstone Group LP and the Government Investment Corp. of Singapore.

Station Casinos tops par

Station Casinos' roughly $1.6 billion term loan also broke, with levels quoted at par 1/8 bid, par 3/8 offered, a trader said.

Pricing on the loan is Libor plus 325 bps with a 1% Libor floor and the debt was issued at par. There is 101 soft call protection for one year.

During syndication, the spread on the term loan firmed at the wide end of the Libor plus 300 bps to 325 bps talk and the call protection was extended from six months.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

Station Casinos is a Las Vegas-based casino company.

Stuart Weitzman starts trading

Another deal to hit the secondary was Stuart Weitzman, with its $250 million six-year term loan B seen at par bid, par ½ offered, according to a trader.

Pricing on the term loan is Libor plus 350 bps with a 1% Libor floor and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

During syndication, the term loan was lifted from $220 million and pricing was cut from Libor plus 400 bps.

The New York-based footwear and handbag company's $285 million senior secured credit facility also includes a $35 million asset-based revolver.

Stuart Weitzman being acquired

Proceeds will be used to help fund the buyout of Stuart Weitzman by Sycamore Partners, and, due to the prior term loan B upsizing, the amount of equity being used for transaction was reduced.

Jefferies Finance LLC and MCS Corporate Lending LLC are leading term loan, and Wells Fargo Securities LLC is leading the revolver.

Closing is subject to completion of the purchase of Stuart Weitzman's parent company, Jones Group Inc., by Sycamore Partners LP.

Nine West restructures

Over in the primary, Nine West trimmed its 51/2-year term loan B (Ba3/B+) to $445 million from $470 million, and set pricing at Libor plus 375 bps, the high end of revised talk of Libor plus 350 bps to 375 bps and up from initial talk of Libor plus 325 bps to 350 bps, according to a market source.

As before, the B loan has a 1% Libor floor, a discount of 99½ and 101 soft call protection for one year.

In addition, the 53/4-year unsecured guaranteed term loan (B3/B-), which was added to the deal earlier in the syndication process, was increased to $300 million from $250 million, while pricing was left at Libor plus 525 bps with a 1% Libor floor and an original issue discount of 99. This tranche is still non-callable for 18 months, then at 102 for a year and 101 for the following year.

Also, the asset-based revolver was reduced to $225 million from $250 million, the source remarked.

Lastly, the term loans saw the addition of a ticking fee of half the spread from days 46 to 90 and the full spread thereafter.

Recommitments were due at 2 p.m. ET on Tuesday, the source added.

Nine West lead banks

Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and MCS Capital Markets LLC are leading the term loans. Wells Fargo Securities LLC and Bank of America Merrill Lynch are leading the revolver.

Proceeds from the $970 million credit facility, a $455 million senior unsecured bridge loan or senior notes and equity will be used to fund the buyout of parent company Jones Group Inc. by Sycamore Partners for $15.00 per share in cash in a transaction valued at about $2.2 billion, including net debt.

The amount of equity being used was reduced due to the earlier addition of the unsecured term loan.

With the buyout, Jones Group will transfer ownership of its Jones Apparel business, its Kurt Geiger business and its Stuart Weitzman business to separate Sycamore affiliates, leaving it to be comprised of the Nine West business and the Jeanswear business.

Closing is expected in the second quarter, subject to shareholder and regulatory approvals.

Nine West is a designer, marketer and wholesaler of apparel, footwear and accessories.

National Vision reworked

National Vision increased its first-lien term loan to $500 million from $475 million, cut pricing to Libor plus 300 bps from Libor plus 325 bps and revised the offer price to par from 993/4, according to a market source. The 1% Libor floor and 101 soft call protection for six months were unchanged.

In addition, the company downsized its second-lien term loan to $125 million from $150 million, trimmed the spread to Libor plus 575 bps from Libor plus 625 bps and tightened the discount to 99 7/8 from 991/2, the source said. The 1% Libor floor and call protection of 102 in year one and 101 in year two were left intact.

The company's $700 million credit facility also includes a $75 million revolver.

Goldman Sachs Bank USA (left on first-lien), Morgan Stanley Senior Funding Inc. (left on second-lien), Citigroup Global Markets Inc., KKR Capital Markets, Mizuho, Barclays and Macquarie Capital are leading the deal that will be used to help fund the buyout of the company by KKR from Berkshire Partners.

Closing is expected by the end of this quarter, subject to regulatory approvals and customary conditions.

National Vision is a Lawrenceville, Ga.-based retailer of eyeglasses and contact lenses.

C.H.I. Overhead tweaks deal

C.H.I. Overhead Doors changed the offer price on its fungible $70 million add-on term loan B due March 2019 to par from 991/2, according to a market source.

The add-on loan is still priced at Libor plus 425 bps with a 1.25% Libor floor, in line with the existing B loan.

GE Capital Markets is leading the deal that will be used to fund a dividend.

C.H.I. Overhead is an Arthur, Ill.-based manufacturer of residential, commercial and rolling steel overhead garage doors.

Avast reveals guidance

Avast came out with talk of Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its $420 million six-year first-lien covenant-light term loan (B1/B+) shortly ahead of its 10 a.m. ET bank meeting on Tuesday, a market source said.

Commitments for the company's $460 million credit facility, which also includes a $40 million five-year revolver, are due on March 18.

Credit Suisse Securities (USA) LLC, UBS Securities LLC and Jefferies Finance LLC are leading the deal that will be used to help fund a major investment in the company by CVC Capital Partners.

Closing is expected in March.

Avast is a Czech Republic-based provider of security software for PCs, smartphones and tablets.

Presidio pricing

Presidio held its bank meeting in the morning, launching its $600 million senior secured term loan (B1) due March 31, 2017 with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 to 99½ on new money commitments, a par offer price on rollover commitments and 101 soft call protection for six months, according to a market source.

Commitments are due on March 18, the source said.

Barclays, Morgan Stanley Senior Funding Inc., PNC Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing debt and fund a one-time distribution to shareholders.

Total leverage is 3.67 times and net leverage is 3.48 times, the source added.

Presidio is a New York-based IT services firm.

OneStopPlus discloses details

OneStopPlus launched its $465 million seven-year term loan B (B1/B) with talk of Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Commitments are due on March 13, the source said.

Goldman Sachs Bank USA, Jefferies Finance LLC and BMO Capital Markets are leading the deal that will be used to refinance existing debt and fund a dividend.

OneStopPlus is a New York-based catalog retailer and online marketplace for plus-size consumers.

Orient-Express launches

Talk emerged on Orient-Express Hotels' $345 million seven-year covenant-light term loan at Libor plus 350 bps and on its €150 million seven-year covenant-light term loan at Euribor plus 375 bps, with both having a 1% floor, an original issue discount of 99½ and 101 soft call protection for six months, a source remarked.

The deal (B3/BB), which also includes a $105 million five-year multi-currency revolver, launched with a bank meeting in New York on Tuesday and will launch to European investors with a bank meeting at 9 a.m. GMT in London on Thursday.

Commitments are due on March 18, the source continued.

Barclays and J.P. Morgan Securities LLC are leading the credit facility that will be used to refinance the company's existing capital structure.

Senior secured and total leverage are 5.5 times and net leverage is 4.2 times, the source added.

Orient-Express is an operator of luxury hotels, restaurants, trains, cruises and safaris.

Talbots talk emerges

Talbots held its lender meeting in the morning, launching its $255 million six-year covenant-light first-lien term loan (B2/B) with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for six months, according to a market source.

Also, the $100 million seven-year covenant-light second-lien term loan (Caa1/CCC+) was launched at Libor plus 750 bps to 775 bps with a 1% Libor floor, a discount of 99, and call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Commitments are due on March 14.

Bank of America Merrill Lynch, Guggenheim and Morgan Stanley Senior Funding Inc. are leading the $355 million deal that will be used to refinance existing ABL and term loan debt, and fund a dividend.

Talbots is a Hingham, Mass.-based specialty retailer and direct marketer of women's apparel, shoes and accessories.

Ellucian repricing

Ellucian launched on its call a repricing of its $998 million term loan B due July 19, 2018 to Libor plus 300 bps with a step-down to Libor plus 275 bps at net total opco leverage of 5.35 times and a 1% Libor floor, from Libor plus 325 bps with a 1.25% Libor floor, according to a market source.

The repriced loan is offered at par and has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on March 11.

Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are leading the deal.

Ellucian is a Fairfax, Va.-based provider of software and services to the education community.

NewWave sets deadline

NewWave Communications launched its $38.5 million in add-on bank debt and first-lien term loan repricing, and asked lenders to place their orders by March 12, according to a market source.

The add-on debt, which will fund a tuck-in acquisition, is split between a $10 million add-on revolver, a $13.5 million add-on first-lien term loan due April 2020 and a fungible $15 million add-on second-lien term loan due October 2020.

The add-on first-lien term loan and the repricing of the existing first-lien term loan debt due April 2020 are talked at Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99¾ on the new money, a par offer price on the repricing and 101 soft call protection for six months. The repricing will take the existing first-lien term loan down from Libor plus 400 bps with a 1% Libor floor.

NewWave second-lien talk

As previously reported, NewWave's add-on second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor, which matches the existing second-lien term loan, and an offer price of 991/2.

SunTrust Robinson Humphrey Inc. and Goldman Sachs Bank USA are leading the deal.

Pro forma senior leverage is 4.5 times and total leverage is 6.1 times.

NewWave is a Sikeston, Mo.-based broadband/cable company providing television, high-speed internet and digital telephone services.

CEVA joins calendar

CEVA Group surfaced with plans to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $1,125,000,000 credit facility, according to a market source.

The facility consists of a $250 million five-year revolver and an $875 million seven-year first-lien covenant-light term loan (of which $275 million is for a synthetic letter-of-credit facility), the source said.

Commitments are due on March 13.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance existing debt and pre-fund letters-of-credit.

CEVA is a London-based supply chain management company.

XO readies loan

XO Communications set a bank meeting for 2:30 p.m. ET in New York on Wednesday to launch a $500 million seven-year first-lien term loan that is talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

UBS Securities LLC is leading the deal.

Proceeds will be used to fund a network investment.

XO, owned by Carl Icahn, is a communications service provider.

Lands' End coming soon

Lands' End scheduled a bank meeting for Wednesday morning to launch a $515 million seven-year covenant-light term loan B, according to sources.

Bank of America Merrill Lynch is leading the deal.

Proceeds will be used to fund a dividend to Sears Holdings Corp. in connection with the spin-off of Lands' End from Sears.

Lands' End is a Dodgeville, Wis.-based multi-channel retailer of casual clothing, accessories and footwear, and home products.

Microsemi on deck

Microsemi will hold a call at 10 a.m. ET on Thursday to launch a repricing of its roughly $646 million covenant-light term loan B-1 due February 2020 from Libor plus 275 bps with a 1% Libor floor, a market source said.

RBC Capital Markets is leading the deal.

Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor services.

Select Medical closes

In other news, Select Medical Corp. completed its term loan D due Dec. 20, 2016 priced at Libor plus 275 bps and its term loan E due June 1, 2018 priced at Libor plus 275 bps with a 1% Libor floor, according to an 8-K filed with the Securities and Exchange Commission.

J.P. Morgan Securities LLC led the deal.

The term loan D has 101 soft call protection through Sept. 4, 2014 and the term loan E has 101 soft call protection through March 4, 2015.

Proceeds from the term loan D were used to refinance a term loan B priced at Libor plus 325 bps and proceeds from the term loan E were used to refinance a term loan C priced at Libor plus 300 bps with a 1% Libor floor.

Select Medical is a Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics.

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