Affinity Gaming pulls loans; SpecialtyCare, Navex, Women’s Care updated terms emerge

By Sara Rosenberg

New York, Aug. 21 – Affinity Gaming decided to withdraw its first- and second-lien term loans from the primary market, and final terms surfaced on deals for SpecialtyCare, Navex Global Inc. and Women’s Care Florida.

Affinity Gaming removed a $125 million incremental first-lien term B (B1/B) and $100 million second-lien term loan (Caa1/CCC+) from syndication, according to a market source.

Talk on the incremental first-lien term loan B was Libor plus 350 basis points with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, and talk on the second-lien term loan was Libor plus 775 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Earlier in syndication, pricing on the incremental first-lien term loan was increased from Libor plus 325 bps, and plans to reprice the company’s existing first-lien term loan to Libor plus 325 bps from Libor plus 350 bps were canceled.

Jefferies LLC was leading the deal that was going to be used to refinance the company’s existing second-lien term loan and to fund a future dividend.

Affinity Gaming is a Las Vegas-based diversified casino gaming company.

SpecialtyCare firms structure

SpecialtyCare wrapped syndication of its $340 million of credit facilities after making a number of changes to its first-and second-lien term loans, a market source said.

The six-year covenant-light first-lien term loan was upsized to $230 million from $212 million and a pricing step-down was added to Libor plus 400 basis points when net first-lien leverage is less than 4.25 times, the seven-year second-lien term loan was downsized to $65 million from $83 million while the original issue discount firmed at 99, the tight end of the 98.5 to 99 talk, and the MFN sunset was removed from the transaction, the source said.

As before, initial pricing on the first-lien term loan is Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99.5, and the second-lien term loan is priced at Libor plus 825 bps with a 1% Libor floor.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s credit facilities also provide for a $45 million five-year revolver.

Antares Capital is leading the deal that will fund the buyout of the company by Kohlberg & Co.

SpecialtyCare is a Nashville, Tenn.-based provider of outsourced clinical services to hospitals and health systems.

Navex sets terms

Before completing syndication, Navex increased its fungible incremental term loan (B2) to $83 million from $50 million and tightened the original issue discount to 99.75 from 99.5, according to a market source.

Like the existing term loan, pricing on the add-on loan is Libor plus 425 bps with a 1% Libor floor.

Antares Capital is leading the deal that will be used repay the company’s entire second-lien term loan.

Navex, a Vista Equity Partners portfolio company, is a Portland, Ore.-based provider of ethics and compliance software, content and services.

Women’s Care wraps

Women’s Care Florida set final pricing on its $175 million first-lien term loan at Libor plus 450 bps with a 1% Libor floor and an original issue discount of 99.5, which was revised from 99, a market source remarked.

The term loan has 101 soft call protection for six months.

The company’s $205 million of credit facilities also include a $30 million revolver.

Citizens Bank and Antares Capital are leading the deal that will be used to help fund the buyout of the company by Lindsay Goldberg LLC.

Women’s Care Florida is a specialty women’s health physician group across Florida.

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