PDC Brands changes surface; Kymera International, Blount announce price guidance

By Sara Rosenberg

New York, Sept. 13 – In the primary market on Thursday, PDC Brands (Parfums Holding Co. Inc.) widened the spread on its term loan B repricing and modified the condition for a pricing step-down.

Also, Kymera International and Blount International disclosed price talk with launch, and Messer Industries and Tunnel Hill Partners LP joined the near-term primary calendar.

PDC Brands revised

PDC Brands raised pricing on its $559 million term loan B due June 30, 2024 to Libor plus 425 basis points from Libor plus 400 bps and changed the step-down to Libor plus 400 bps at 5.85 times total net leverage from Libor plus 375 bps at 6.1 times total net leverage, a market source said.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Recommitments are due at 10 a.m. ET on Friday, with allocations targeted for Monday, the source added.

Nomura is the left lead on the deal that will be used to reprice an existing term loan B due June 30, 2024 down from Libor plus 475 bps with a 1% Libor floor.

PDC is a Stamford, Conn.-based beauty and personal care products company.

Kymera reveals talk

Kymera International held its bank meeting on Thursday, launching its $240 million seven-year covenant-light first-lien term loan (B2) at talk of Libor plus 500 bps to 525 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $275 million of credit facilities also include a $35 million ABL revolver.

Commitments are due at noon ET on Sept. 27, the source said.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc. and KeyBanc Capital Markets are leading the deal that will be used to help fund the buyout of the company by Palladium Equity Partners.

Kymera is a Research Triangle Park, N.C.-based specialty materials company focused on the copper and aluminum metal powder industry.

Blount sets guidance

Blount International came out with talk of Libor plus 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $627 million term loan B due April 2023 that launched with an afternoon call, a market source remarked.

Barclays is leading the deal that will be used to reprice an existing term loan B due 2024.

The company is also seeking an amendment to fund a one-time dividend distribution to existing shareholders with cash from the balance sheet.

No amendment fee is being offered.

Commitments/consents are due at noon ET on Sept. 21, the source added.

Blount is a Portland, Ore.-based manufacturer and marketer of outdoor power equipment.

Messer readies deal

In more primary happenings, Messer Industries scheduled a bank meeting for 10 a.m. ET in New York on Monday to launch $2.85 billion equivalent of first-lien term loans, a market source said.

The debt is split between a $2,225,000,000 first-lien term loan and a $625 million euro equivalent first-lien term loan, the source added.

Goldman Sachs Bank USA is the lead bookrunner on the U.S. tranche, UBS Investment Bank and Citigroup Global Markets Inc. are the lead bookrunners on the euro tranche, and managing lead arrangers are Goldman Sachs, UBS, Citigroup, ING, UniCredit, BNP Paribas, Deutsche Bank, Mizuho, Bayern LB and Helaba.

The new debt will be used to fund the acquisition by Messer Group and CVC Capital Partners of Linde AG’s gases business in North and South America for $3.3 billion.

Messer Industries is a new company formed by Linde North America’s gas assets and Messer Group’s Western European assets that will be owned 58% by Messer Group and 42% by CVC.

Tunnel Hill on deck

Tunnel Hill Partners set a bank meeting for 11 a.m. ET in New York on Monday to launch a $275 million seven-year covenant-light term loan B, according to a market source.

The loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and Fifth Third are leading the deal that will be used to fund the acquisition of the company by Macquarie from American Infrastructure MLP Funds and other holders.

Tunnel Hill is a Jericho, N.Y.-based integrated waste-by-rail operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.