Cast & Crew, MKS Instruments, Duravant, Quirch Foods float talk; Allegiant, Hubbard on deck

By Sara Rosenberg

New York, Jan. 9 – Cast & Crew Entertainment Services, MKS Instruments Inc., Duravant LLC (Engineered Machinery Holdings Inc.) and Quirch Foods Co. all released price talk on their loan transactions with launch on Wednesday.

And, in other news, Allegiant Travel Co. emerged with plans for a new term loan B, and Hubbard Radio LLC announced its intention to come to market with an add-on term loan B for the acquisition of some radio stations.

Cast & Crew guidance

Cast & Crew Entertainment Services held its bank meeting on Wednesday morning, and announced talk on its $740 million seven-year first-lien term loan (B2/B+) at Libor plus 425 basis points with a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, according to a market source.

Commitments are due on Jan. 17, the source said.

The company’s $1,155,000,000 of credit facilities also include a $90 million revolver (B2/B+) and a $325 million privately placed second-lien term loan.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by EQT Partners from Silver Lake.

Closing is subject to customary conditions.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

MKS reveals talk

MKS Instruments disclosed talk of Libor plus 250 bps with a 0% Libor floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months on its $650 million seven-year incremental first-lien term loan B (BB+) that launched with a call in the morning, a market source said.

Commitments are due at 5 p.m. ET on Jan. 23, the source added.

The company’s $750 million of credit facilities also include a $100 million five-year ABL revolver.

Indicative pricing on the revolver is Libor plus 125 bps to 150 bps, subject to an excess availability based grid. There is a 25 bps commitment fee.

Barclays and HSBC Securities (USA) Inc. are leading the deal that will be used with cash on hand to fund the acquisition of Electro Scientific Industries Inc. for $30.00 per share in cash, or about $1 billion.

Pro forma total leverage will be 1.3 times based on LTM Sept. 30 pro forma adjusted EBITDA of $773 million.

Closing is expected in early February.

MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions to improve performance and productivity of advanced manufacturing processes. Electro Scientific is a Portland, Ore.-based supplier of photonic and laser systems to microelectronics customers.

Duravant holds call

Duravant hosted its lender call in the morning, launching its non-fungible $160 million incremental first-lien term loan (B2/B-) due July 2024 at talk of Libor plus 400 bps to 425 bps with a 0% Libor floor and an original issue discount of 98, according to a market source.

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

Commitments are due at 2 p.m. ET on Jan. 16, the source said.

Jefferies LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Antares Capital and Societe Generale are leading the deal that will be used with an equity contribution from the sponsor to fund the acquisition of Wulftec International.

Duravant is a Downers Grove, Ill.-based automation solutions platform providing highly engineered equipment and related aftermarket parts and services.

Quirch launches

Quirch Foods came out with talk of Libor plus 600 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $165 million senior secured term loan that launched with a bank meeting during the session, a market source remarked.

Commitments are due at 5 p.m. ET on Jan. 23, the source added.

The company’s $265 million of credit facilities also include a $100 million five-year ABL revolver.

RBC Capital Markets is leading the deal, which will be used to back a significant investment in the company by Palladium Equity Partners LLC.

Quirch Foods is a Miami-based distributor and exporter of protein and Hispanic food products.

Allegiant joins calendar

In more happenings, Allegiant Travel scheduled a bank meeting for 10 a.m. ET on Monday to launch a $450 million five-year senior secured term loan B, a market source said.

Barclays is leading the deal that will be used to refinance the company’s existing 5.5% senior notes due 2019.

Pro forma gross total leverage is 3.6 times and net total leverage is 2.3 times, the source added.

Allegiant is a Las Vegas-based operator of a passenger airline marketed to leisure travelers in small cities.

Hubbard readies loan

Hubbard Radio set a lender call for 3 p.m. ET on Thursday to launch an $85 million add-on term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund the purchase of six radio stations in West Palm Beach, Fla. from Alpha Media.

Hubbard Radio is a St. Paul, Minn.-based broadcasting company.

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