Pure Fishing updates first-lien term loan pricing; Apollo Infra Equity delays syndication

By Sara Rosenberg

New York, Dec. 19 – In the primary market on Wednesday, Pure Fishing increased the spread on its first-lien term loan, modified the original issue discount and extended the call protection.

Also on the new deal front, Apollo Infra Equity US Holdco LLC opted to postpone syndication of its credit facilities.

Pure Fishing revised

Pure Fishing lifted pricing on its $435 million first-lien term loan (B1/B) to Libor plus 450 basis points from Libor plus 425 bps, adjusted the original issue discount to 97 from 99 and pushed out the 101 soft call protection to one year from six months, according to a market source.

As before, the first-lien term loan has a 0% Libor floor.

Commitments were due at 5 p.m. ET on Wednesday, the source said.

The company’s $740 million of credit facilities also include a $125 million asset-based lending revolver that is expected to be undrawn at closing and a $180 million second-lien term loan that has been privately placed.

RBC Capital Markets is leading the deal that will be used to help fund the buyout of the company by Sycamore Partners from Newell Brands for about $1.3 billion.

Closing is expected 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.

Apollo Infra shelved

Apollo Infra Equity is delaying syndication of its $360 million of credit facilities (Ba2/BB) until further notice, a market source remarked.

The facilities consist of a $35 million revolver, a $50 million letter-of-credit facility and a $275 million seven-year term loan B.

Most recent talk on the term loan B was Libor plus 450 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months. Last week, pricing widened from talk at launch of Libor plus 425 bps with a discount of 99.5.

RBC Capital Markets, Goldman Sachs Bank USA and BMO Capital Markets are leading the deal that will help fund Apollo Global Management LLC’s acquisition of an about $1 billion portfolio, including assumed obligations, of predominantly equity investments in energy assets from GE Capital’s Energy Financial Services unit.

The equity portfolio is comprised of about 20 investments in renewable energy, contracted natural gas fired generation and midstream energy infrastructure assets, primarily in the United States.

Latham closes

In other news, the buyout of Latham Pool Products Inc. by Pamplona Capital Management from Wynnchurch Capital has been completed, according to a news release. The purchase values Latham Pool at $375 million.

To help fund the transaction, Latham Pool got $245 million of credit facilities (B2/B+) that consist of a $30 million five-year revolver and a $215 million 6.5-year covenant-light term loan B.

Pricing on the term loan B is Libor plus 600 bps with a 0% Libor floor, and it was sold at an original issue discount of 97. The debt has 101 soft call protection for one year.

During syndication, the discount on the term loan B was changed from 98, the maturity was shortened from seven years, and lender friendly revisions were made to excess cash flow sweep, EBITDA definition, first-lien debt incurrence and other baskets.

Nomura led the debt.

Latham Pool is a Latham, N.Y.-based designer and manufacturer of residential in-ground swimming pools and related accessories.

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