Phoenix gains, Pilot Travel softens with new loan transactions; Anchor Glass frees to trade

By Sara Rosenberg

New York, May 9 – Phoenix Services (Metal Services LLC) saw its term loan move higher in the secondary market on Monday with news of a repayment and amendment and extension proposal, and Pilot Travel Centers LLC’s term loan B was lower with the launch of a refinancing.

In more trading happenings, Anchor Glass Container Corp.’s fungible add-on term loan freed up, with levels quoted above the original issue discount.

Meanwhile, in the primary market, Cision added a euro term loan B to its acquisition financing deal and downsized its U.S. term loan B by the equivalent amount, leaving the total amount of term B debt unchanged.

Phoenix rises

Phoenix Services’ term loan strengthened in trading to 99 bid, par offered on Monday from being offered at 99 last week after it was announced that the company will refinance a portion of the June 2017 term loan with a new incremental term loan due June 30, 2019 and amend and extend a portion of the debt as well, market sources said.

The company set a lender call for 11 a.m. ET on Tuesday to launch the incremental first-lien term loan and the amendment and extension of a portion of the 2017 term loan due to June 30, 2019.

The incremental term loan and the amended and extended term loan are talked at Libor plus 750 basis points with a 1% Libor floor, an original issue discount of 98.5 and 101 hard call protection for one year.

Sizes on the incremental loan and amended and extended loan are still to be determined.

Commitments are due at noon ET on May 24, sources added.

Any non-extended money will maintain the current Libor plus 500 bps with a 1% Libor floor pricing.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal.

Phoenix Services is a provider of industrial services.

Pilot dips with refi

Pilot Travel Centers’ term loan B softened to par bid, 100 3/8 offered from 100½ bid, 100 7/8 offered after the company launched a $1,326,900,000 seven-year term loan B (Ba2) that will refinance the existing term B debt, according to a trader.

The new term loan B, which launched with a lender call in the morning, is talked at Libor plus 275 bps with no floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

The existing term loan B that is being refinanced is priced at Libor plus 300 bps with a 0.75% Libor floor.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and U.S. Bank NA are leading the new loan.

Commitments are due by noon ET on May 17, the source added.

Pilot Travel is a Knoxville, Tenn.-based operator of travel centers and retailer of diesel fuel to the over-the-road market.

Anchor Glass breaks

Anchor Glass’ fungible $140 million add-on term loan (B2/BB-) due June 2022 began trading during the session, with levels quoted at par bid, 100¾ offered, a trader said.

Pricing on the add-on term loan is Libor plus 375 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for one year.

During syndication, the add-on loan was upsized from $110 million, pricing finalized at the tight end of the Libor plus 375 bps to 400 bps talk and the discount was tightened from talk of 98.5-99.

Credit Suisse Securities (USA) LLC is leading the loan that will be used to fund a dividend.

In connection with the add-on, the company is amending its existing credit facility to allow for the dividend and increase pricing on its existing term loan from Libor plus 325 bps with a 1% Libor floor to match pricing on the add-on term loan.

Lenders were offered a 25-bps fee for the amendment.

Anchor Glass is a Tampa, Fla.-based manufacturer of glass packaging products.

BWIC surfaces

Also in the secondary market, a $342.4 million Bid Wanted In Competition was announced, with bids due at 11 a.m. ET on Tuesday, a trader remarked.

Some of the names in the portfolio are Alkermes Inc., American Capital, Calpine Corp., Chrysler Group, Emdeon Inc., EP Energy LLC, Harland Clarke, Nielsen Co., Revlon Consumer Products and West Corp.

There are about 66 issuers in the portfolio, the trader added.

Cision tweaks deal

Switching to the primary market, Cision carved out a €250 million seven-year term loan B from its initially all U.S. dollar $1.1 billion seven-year term loan B (B1/B+), and is talking the euro debt at Euribor plus 575 bps with a 1% Euribor floor, an original issue discount of 98 and 101 soft call protection for six months.

As reported earlier, the U.S. term loan B is talked at Libor plus 575 bps with a 1% Libor floor, a discount of 98 and 101 soft call protection for six months.

Commitments for the euro term loan B are due at 7 a.m. ET on Friday. Commitments for the U.S. loan, which launched with a bank meeting on April 28, are due at noon ET on Thursday.

Deutsche Bank Securities Inc., Barclays and RBC Capital Markets are leading the deal that will fund the acquisition of PR Newswire from UBM plc for $841 million, split between $810 million in cash and $31 million in preferred equity.

Closing is subject to approval by UBM shareholders and regulatory approvals.

Cision, a GTCR portfolio company, is a Chicago-based media intelligence company. PR Newswire is a New York-based PR and investor relations communications company.

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