Pilot Travel, Learfield break; Station Casinos dips on refi news; NXP lower with repayment

By Sara Rosenberg

New York, May 18 – Pilot Travel Centers LLC’s term loan B made its way into the secondary market on Wednesday, with levels quoted above its original issue discount, and Learfield Communications Inc.’s incremental first-lien covenant-light term loan broke following an upsizing.

Also in trading, Station Casinos LLC’s term loan B weakened with the emergence of refinancing plans, and NXP (NXP BV/NXP Funding LLC) saw its term loan B move down closer to par with paydown news.

Switching back to the primary market, MultiPlan Inc. and Verisk Health (VCVH Holding Corp.) moved up the commitment deadlines on their loan deals, AdvancePierre Foods Inc., Allnex (Allnex Sarl and Allnex USA Inc.), Western Refining Inc. and MI Windows and Doors LLC released price talk with launch, and Yum! Brands Inc. hopped onto the near-term new issue calendar.

Pilot Travel frees up

Pilot Travel Centers’ $1,427,000,000 seven-year term loan B broke for trading on Wednesday, with levels seen at 99¾ bid, 100¼ offered, according to a trader.

Pricing on the loan is Libor plus 275 basis points with no floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $1,327,000,000.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and U.S. Bank are leading the deal that will be used to refinance an existing term loan B priced at Libor plus 300 bps with a 0.75% Libor floor.

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

Learfield upsizes, trades

Learfield Communications raised its fungible incremental first-lien covenant-light term loan (B1/B) due October 2020 to $100 million from $50 million and left pricing at Libor plus 350 bps with a 1% Libor floor and an original issue discount of 99.5, a market source remarked.

The spread and floor on the incremental term loan is in line with existing term loan pricing.

Recommitments were due by 2 p.m. ET on Wednesday, and with final terms in place, the loan freed to trade, with levels quoted at par bid, 100½ offered, another source added.

Deutsche Bank Securities Inc. and Antares Capital are leading the deal that will be used to repay in full the company’s second-lien term loan.

Learfield is a Jefferson City, Mo.-based provider of collegiate sports multimedia rights administration and marketing services.

Station Casinos slides

In more secondary happenings, Station Casinos’ term loan B dropped to par bid, 100¼ offered from 100¼ bid, 100 5/8 offered as the company surfaced with plans to launch with a bank meeting on Thursday morning a new $1.55 billion seven-year term loan B, according to a trader.

Proceeds from the new loan will be used to refinance existing debt and for general corporate purposes.

J.P. Morgan Securities LLC is leading the debt that is talked at Libor plus 325 bps to 350 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source added.

Station Casinos is a Las Vegas-based casino company.

NXP softens

NXP’s senior secured term loan B dipped to par bid, 100 3/8 offered from 100¼ bid, 100½ offered after the company launched a senior unsecured notes offering that will be used in part to repay term loan B debt, according to a trader.

The notes were upsized to $1.75 billion from $1 billion, and as a result, the company will repay $1.25 billion of its term loan B debt, up from an initially planned amount of $500 million.

Remaining proceeds from the notes offering will be used to repay in full the $500 million senior secured notes due 2021 at Freescale.

NXP is an Eindhoven, Netherlands-based maker of semiconductors.

BWIC emerges

A $78.4 million Bid Wanted In Competition was announced, with bids due at 11 a.m. ET on Thursday, according to a trader.

Some of the names in the portfolio are Calpine Corp., F&W Media Inc., HCA Inc. Hertz Corp., Intelsat Jackson Holdings SA, Nielsen Finance LLC, NXP BV, Texas Competitive Electric Holdings CO. LLC and Valeant Pharmaceuticals International Inc.

There are about 58 issuers in the portfolio, the trader added.

MultiPlan shutting early

Back in the primary, MultiPlan moved up the commitment deadline on its $3.27 billion seven-year covenant-light term loan B to 5 p.m. ET on Monday from May 26, according to a market source.

Talk on the term loan B is Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $3.37 billion credit facility also includes a $100 million five-year revolver.

Barclays, Goldman Sachs & Co., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Hellman & Friedman from Starr Investment Holdings LLC and Partners Group.

With the transaction, Starr and Partners Group will retain minority investments in the company, and GIC, Singapore’s Sovereign Wealth Fund, and Leonard Green & Partners will invest alongside Hellman & Friedman.

Senior secured leverage is 5 times, and total leverage is 7 times.

MultiPlan is a New York-based provider of health care cost management solutions.

Verisk revises deadline

Verisk Health accelerated the commitment deadline on its $455 million senior secured credit facility to 5 p.m. ET on Friday from Tuesday, according to a market source.

The facility consists of a $40 million five-year revolver, a $300 million seven-year first-lien term loan and a $115 million eight-year second-lien term loan.

Talk on the first-lien term loan is Libor plus 550 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 950 bps with a 1% Libor floor, a discount of 97, and call protection of 103 in year one, 102 in year two and 101 in year three.

UBS Investment Bank is leading the deal that will be used to help fund the buyout of the company by Veritas Capital from Verisk Analytics Inc. for $820 million, split between $720 million of cash consideration, a $100 million long-term subordinated promissory note with interest paid in kind and other contingent consideration.

Closing is expected by June 30, subject to regulatory approvals and other customary conditions.

Verisk Health is a Waltham, Mass.-based health care services company.

AdvancePierre releases talk

AdvancePierre Foods held its bank meeting on Wednesday morning, launching its $1.1 billion seven-year first-lien covenant-light term loan B (B2/B) with talk of Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

Also, the company’s $200 million amended covenant-light second-lien term loan (Caa1/CCC+) due October 2023, which is a three-year maturity extension, was launched at Libor plus 825 bps with a 1.25% Libor floor, a 50-bps consent fee and call protection of 101 for six months, 102 for months six through 18, 101 for months 18 through 30 and par thereafter, the source said.

Commitments for the refinancing transaction are due on May 26.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Macquarie Capital (USA) Inc. are leading the $1.3 billion of senior secured term loans, with Morgan Stanley the administrative agent on the term loan B and Deutsche the administrative agent on the second-lien loan.

AdvancePierre is a Cincinnati-based supplier of value-added proteins and sandwich products.

Allnex reveals talk

Allnex came out with talk of Libor/Euribor plus 475 bps to 500 bps with a 1% floor and an original issue discount of 98.5 to 99 on its $575 million and €760 million of covenant-light first-lien seven-year term loan B debt (B1), a source remarked.

The debt will launch with a bank meeting at 11 a.m. ET in New York on Thursday but already launched to European investors with a bank meeting in London on Wednesday.

Commitments are due on June 2.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Barclays and ING are leading the deal that will be used with cash on the balance sheet to fund the acquisition of Nuplex Industries Ltd., a manufacturer of resins used in paints, coatings and structural materials, for NZ$5.43 cash per share, to refinance existing debt at both companies and to pay related fees and expenses.

Closing is subject to customary conditions, including regulatory and shareholder approvals.

Allnex is a Brussels-based supplier of resins and additives for architectural, industrial, protective, automotive and special-purpose coatings and inks.

Western Refining floats terms

Western Refining set price talk on its $500 million seven-year incremental covenant-light term loan B-2 at Libor plus 450 bps with a 1% Libor floor and an original issue discount of 98 in connection with its afternoon bank meeting, according to a market source.

Commitments are due at noon ET on May 26, the source said.

Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, UBS Investment Bank and Wells Fargo Securities LLC are leading the deal that will be used with cash on hand to fund the acquisition of all of the outstanding common units of Northern Tier Energy LP that Western Refining does not already own for $15.00 in cash and 0.2986 of a share of Western Refining common stock per common unit.

Closing is expected this quarter, subject to the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act and Northern Tier unitholders approval.

Western Refining is an El Paso, Texas-based independent refining and marketing company. Northern Tier is a Tempe, Ariz.-based independent downstream energy company.

MI Windows launches

MI Windows and Doors LLC hosted a bank meeting in the afternoon to launch a $220 million senior credit facility talked at Libor plus 500 bps with no Libor floor and tiered upfront fees based on commitment size, a market source said.

The facility consists of a $35 million asset-based revolver and a $185 million term loan A, both, the source added.

M&T Bank is leading the deal that will be used to help fund the buyout by management of the portion of the company it does not already own from ShoreView Industries. Currently, management owns about 60% of the company and ShoreView owns about 40%.

Total leverage at close will be around 4 times.

MI Windows and Doors is a Gratz, Pa.-based supplier of vinyl and aluminum windows and doors.

Vencore postponed

Vencore postponed the launch of its add-on first- and second-lien term loans, a source said. A bank meeting for the deal had been expected to take place at 2:30 p.m. ET in New York on Wednesday. A new bank meeting date is not yet available.

UBS Investment Bank is leading the add-on debt that will be used to refinance mezzanine debt and to fund a dividend.

Vencore, formerly known as The SI Organization Inc., is a Chantilly, Va.-based provider of information solutions, engineering and analysis to the U.S. intelligence community, Department of Defense and federal/civilian agencies.

Yum! Brands on deck

Yum! Brands set a bank meeting for 1:30 p.m. ET in New York on Monday to launch a $3.3 billion credit facility, comprised of a $1.5 billion term loan B, a $1 billion revolver and an $800 million term loan A, according to a market source.

Goldman Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are leading the deal, with Goldman left lead on the term loan B and JPMorgan left lead on the revolver and term loan A.

Proceeds will be used with $2.3 billion of senior unsecured notes to fund a return of capital to shareholders, repay borrowings under an existing revolving credit facility, pay associated transaction fees and expenses, and support general corporate purposes.

Yum! Brands is a Louisville, Ky.-based quick-service restaurant operator.

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