XO Management changes surface; Berlin Packaging deadline, Pure Fishing meeting date revised

By Sara Rosenberg

New York, Dec. 3 – In the primary market on Monday, XO Management Holding (Xojet) reduced the size of its term loan B, raised the spread, widened original issue discount talk and sweetened the call protection.

Also, due to the National Day of Mourning on Wednesday for President George H.W. Bush, Berlin Packaging LLC moved up the commitment deadline for its incremental first-lien term loan and Pure Fishing revised the bank meeting date for its first-lien credit facilities.

In more happenings, Equitrans Midstream Corp. and CPV Shore Holdings LLC released price talk on their term loans, Bojangles’ Inc. came out with tranching on its credit facilities ahead of its launch, and Par Pacific joined this week’s primary calendar.

XO reworks loan

XO Management trimmed its first-lien term loan B to $210 million from $280 million, lifted pricing to Libor plus 575 basis points from Libor plus 475 bps and revised the original issue discount talk to a range of 91 to 93 from 99.5, according to a market source.

In addition, the call protection was modified to a 102 hard call for one year from a 101 soft call for six months, and the maturity was shortened to three years from five years, the source said.

The term loan still has a 0% Libor floor.

Commitments are due at 3 p.m. ET on Tuesday, the source added.

J.P. Morgan Securities LLC and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by Vista Global.

Closing is expected this quarter, subject to customary conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

XO is a Brisbane, Calif.-based on-demand private aviation platform.

Berlin Packaging accelerated

Berlin Packaging changed the commitment deadline for its $60 million incremental first-lien term loan (B3) due Nov. 7, 2025 to 5 p.m. ET on Tuesday from noon ET on Wednesday as a result of the market closure on Wednesday in remembrance of President Bush, a market source remarked.

Pricing on the incremental term loan is Libor plus 300 bps with a 0% Libor floor, in line with existing term loan pricing, and the incremental debt is talked with an original issue discount of 98.55.

Jefferies LLC is leading the deal that will be used to fund the acquisition of the company by Oak Hill Fund IV, Canada Pension Plan Investment Board and other co-investors from Oak Hill Fund III.

As part of the transaction, Canada Pension Plan Investment Board will make a $500 million investment in the company.

The acquisition will be a permitted change of control so the company is just tacking on the new debt to its existing debt.

Closing is expected by year-end.

Berlin Packaging is a Chicago-based hybrid packaging supplier.

Pure Fishing changes date

Pure Fishing moved the bank meeting for its $560 million of first-lien credit facilities to 10 a.m. ET in New York on Thursday from 10:30 a.m. ET on Wednesday because of the day of mourning on Wednesday, according to a market source.

As previously reported, the first-lien facilities consist of a $125 million ABL revolver and a $435 million first-lien term loan.

The company is also getting a $180 million second-lien term loan that has been privately placed.

RBC Capital Markets is leading the deal that, which will be used to help fund the buyout of the company by Sycamore Partners from Newell Brands.

Gross proceeds to Newell from the Pure Fishing divestiture are expected to be $1.3 billion.

Closing is targeted for this quarter, subject to customary conditions, including regulatory approval.

Pure Fishing is a designer, marketer, and wholesaler of fishing equipment including rods, reels, combos, line and bait.

Equitrans discloses talk

Equitrans Midstream held its bank meeting on Monday and launched a $650 million five-year senior secured term loan B (Ba3/BB/BB) talked at Libor plus 400 bps to 425 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due on Dec. 12, the source added.

Goldman Sachs Bank USA, Barclays, Citigroup Global Markets Inc. and Guggenheim are leading the deal that will be used to fund the acquisition of outstanding public equity interests in EQGP Holdings LP for $20.00 per unit in cash and for general corporate purposes.

Closing is expected on or about Dec. 31.

Equitrans is a provider of midstream services in the Appalachian Basin through its three primary assets: the gathering system, the transmission and storage system, and its water services assets.

CPV reveals guidance

CPV Shore Holdings came out with talk of Libor plus 350 bps to 375 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $425 million seven-year term loan B that launched with a lender presentation in the afternoon, according to a market source.

The company’s $545 million of senior secured credit facilities also include a $120 million five-year revolver.

Commitments are due at noon ET on Dec. 14, the source continued.

Morgan Stanley Senior Funding Inc., MUFG and Credit Agricole CIB are leading the deal that will be used to refinance an existing term loan, fund a distribution to the sponsors and pay transaction fees and expenses.

CPV Shore is part owner of Woodbridge Energy Center, a 725 MW combined cycle, natural gas-fired facility in Middlesex County, N.J.

Bojangles’ structure emerges

Bojangles’ will launch $425 million of credit facilities at its previously announced bank meeting at 10 a.m. ET in New York on Tuesday, and the debt is split between a $50 million revolver, a $300 million first-lien term loan and a $75 million second-lien term loan, a market source said.

Citigroup Global Markets Inc. is the left lead on the first-lien loan and KKR is the left lead on the second-lien loan.

The new debt will be used with up to $390 million in equity to fund the buyout of the company by Durational Capital Management LP and the Jordan Co. LP for $16.10 per share.

Closing is expected in the first quarter of fiscal year 2019.

Bojangles’ is a Charlotte, N.C.-based restaurant operator and franchisor.

Par Pacific on deck

Par Pacific set a bank meeting for 1 p.m. ET in New York on Tuesday to launch a $250 million senior secured term loan B, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used to help fund the acquisition of U.S. Oil & Refining Co. for $358 million plus net working capital.

Closing is expected in January.

Par Pacific is a Houston-based owner and operator of energy and infrastructure businesses.

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