Multi Packaging allocates three-part deal; Convatec, AlixPartners, JELD-WEN bring deals

By Paul A. Harris

Portland, Ore., Oct. 3 – Multi Packaging Solutions International Ltd. priced and allocated a three-part loan deal that came in dollar-, euro- and sterling-denominated paper on Monday.

And the primary market buzzed with deal announcements, as Convatec Healthcare, Inc., AlixPartners LLP and JELD-WEN, Inc. each brought $1 billion-plus credit facilities.

Multi Packaging prices

Multi Packaging Solutions International priced and allocated a three-part loan package in dollar-, euro- and sterling-denominated tranches, a market source said on Monday.

A $220 million Libor plus 325 basis points non-fungible incremental covenant-light term loan D (B1/BB-) priced at 99.5, on top of revised OID talk; earlier talk was 99. The dollar-denominated term loan has a 1% Libor floor and 101 soft call protection for six months.

A €132 million repriced covenant-light term loan due September 2020, which took the spread to Euribor to 325 bps from 375 bps, also priced at par.

And an £88 million repriced covenant-light term loan due September 2020, which took the spread to Libor to 400 bps from 450 bps, priced at par as well.

The euro- and sterling-denominated loans have a 1% Euribor/Libor floor, a par issue price and 101 soft call protection for six months.

Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Proceeds will be used to redeem the company’s $200 million 8½% senior notes due 2021 on Oct. 17.

The company is not proposing to reprice its existing U.S. term loan B.

Pro forma leverage is 3.7 times total and secured.

Multi Packaging Solutions is a New York-based provider of packaging solutions to the health care, consumer and multi-media markets.

Convatec sets bank meeting

Convatec Healthcare has planned bank meetings on Wednesday in London and on Thursday in New York to launch a $2 billion equivalent credit facility, according to a market source.

Goldman Sachs is the left bookrunner. BofA Merrill Lynch, UBS, Credit Suisse, Deutsche Bank, JP Morgan and Morgan Stanley are the joint bookrunners.

The deal features a $585 million term loan B, as well as $1,215,000,000 equivalent of term loans A in euro- and dollar-denominated tranches and a $200 million equivalent revolver.

Luxembourg-based medical products and technologies company plans to use the proceeds, along with proceeds from an initial public offering of shares, to refinance debt.

JELD-WEN meeting Wednesday

JELD-WEN plans to launch a $1,614,000,000 credit facility at a Wednesday bank meeting, according to a market source.

Barclays and BofA Merrill Lynch are the joint bookrunners.

The deal is in three tranches: a $763 million term loan due 2021, a $476 million term loan due 2022 and a $375 million incremental term loan due 2022.

The Klamath Falls, Ore.-based door and window manufacturer plans to use the proceeds to consolidate its existing term loans due 2021 and 2022 and to fund a distribution to its shareholders.

Micron Technology repricing

Micron Technology, Inc. set a lender call for 11 a.m. ET on Wednesday to launch a $748,125,000 senior secured term loan B, according to a market source. Morgan Stanley Senior Funding, Inc. is the arranger.

The Boise, Idaho-based semiconductor company plans to use the proceeds to reprice its existing term loan B due 2022.

K&N meeting Tuesday

K&N Engineering, Inc. is set to hold a bank meeting at 10 a.m. ET on Tuesday in New York to launch a $385 million credit facility.

Goldman Sachs & Co. is the left bookrunner. UBS Investment Bank and KeyBanc Capital Markets are the joint bookrunners.

The institutional tranches include a $235 million first-lien term loan and a $110 million second lien term loan.

There is also a pro rata tranche in the form of a $40 million revolver.

The borrower is a Riverside, Calif.-based designer and manufacturer of high performance automotive and powersports aftermarket products.

Morsco acquisition deal

Morsco Inc. set a bank meeting for Wednesday to launch a $300 million senior secured term loan, according to a market source.

Barclays, Citigroup Global Markets, RBC Capital Markets and Jefferies LLC are the bookrunners.

The Forth Worth-based distributor of commercial and residential plumbing and HVAC products plans to use the proceeds to finance its acquisition of Fortiline Waterworks.

Advent International is the sponsor of Morsco.

Dayton Superior lender meeting

Dayton Superior Corp. is set to hold a lender meeting at 9 a.m. ET on Wednesday in New York launch a $225 million six-year term loan B, according to a market source.

Deutsche Bank Securities Inc. in the left bookrunner. Jefferies LLC is the joint bookrunner.

The deal comes with a maximum total leverage ratio covenant and a maximum total capital expenditures covenant.

Pricing and credit ratings remain to be announced.

The Miamisburg, Ohio-based supplier to the non-residential concrete construction industry plans to use the proceeds to refinance debt.

AlixPartners repricing

AlixPartners LLP is expected to close on the repricing of its $1,098,000,000 covenant-light term loan B due July 2022 (B2/B+) during the week of Oct. 10, according to a market source.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Jefferies Finance LLC and UBS Investment Bank are the bookrunners on the deal.

As reported, the repriced loan is talked at Libor plus 300 basis points with a 1% Libor floor and a par issue price, the source said.

Included in the repriced loan is 101 soft call protection for six months.

The repricing will take the term loan down from Libor plus 350 bps with a 1% Libor floor.

AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.

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