World Triathlon frees up; DynCorp, Invenergy revisions surface; Navex discloses size, talk

By Sara Rosenberg

New York, Aug. 12 – World Triathlon Corp. increased the size of its term loan, added a pricing step-down, revised the original issue discount, extended the call protection and made some changes to documentation before making its way into the secondary market on Monday.

In more happenings, DynCorp International widened the spread and issue price on its term loan B, and Invenergy Thermal Operating I LLC upsized its incremental first-lien term loan and modified the original issue discount.

Furthermore, Navex Global Inc. released details on its incremental first-lien term loan B in connection with its lender call.

World Triathlon reworked

World Triathlon lifted its seven-year covenant-lite first-lien term loan to $275 million from $265 million, added 25 basis points pricing step-down at 3.5x gross first-lien leverage, modified the original issue discount to 99.5 from 99 and extended the 101 soft call protection to one year from six months, according to a market source.

Initial pricing on the term loan is still at Libor plus 425 bps with a 1% Libor floor.

Other changes included setting the 50 bps MFN for life by removing the 18 month sunset, reducing the free and clear accordion to the greater of $50 million and 85% of EBITDA from $55 million and 100% and EBITDA, revising the debt incurrence ratio for junior secured lien to 5.0x from 5.5x, increasing the stock pledge on foreign subsidiaries to 100% from 65%, and requiring the company to hold quarterly lender calls as opposed to holding calls at the request of the administrative agent, the source said.

The company’s now $300 million of credit facilities (B2/B) also include a $25 million revolver.

World Triathlon breaks

Recommitments for World Triathlon’s bank debt were due at 1 p.m. ET on Monday and the term loan freed to trade in the afternoon at 99¾ bid, par ¼ offered, another source added.

Deutsche Bank Securities Inc. and BofA Securities Inc. are leading the deal that will refinance an existing revolver and term loan.

World Triathlon is an owner, operator and licenser of participatory events under brands including Ironman and Rock ‘n’ Roll Marathon Series.

DynCorp flexes

DynCorp raised pricing on its $360 million six-year term loan B to Libor plus 600 bps from talk in the range of Libor plus 500 bps to 525 bps and moved the original issue discount to 97 from 98.5, a market source said.

Furthermore, the company will be sorting through some documentation changes over the next couple of days, the source added.

As before, the term loan has a 0% Libor floor and 101 soft call protection for one year.

The company’s $430 million of senior secured credit facilities (Ba3/BB) also include a $70 million five-year revolver.

Allocations are expected this week.

BofA Securities Inc., Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and Barclays are leading the deal that will be used with cash on hand to refinance the company’s capital structure, including its $390.5 million of 11 7/8% senior secured second-lien notes due 2020.

DynCorp is a McLean, Va.-based provider of aviation, logistics, training, intelligence and operational solutions.

Invenergy sets changes

Invenergy increased its fungible incremental first-lien term loan due August 2025 to $75 million from $50 million and tightened the original issue discount to 99.75 from 99.5, a market source remarked.

The incremental term loan is still priced at Libor plus 350 bps with a 25 bps step-down based on leverage and a 0% Libor floor, in line with the existing first-lien term loan, and has 101 soft call protection for six months.

Commitments are due at noon ET on Tuesday, moved up from 5 p.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a shareholder distribution.

In connection with this transaction, the company is looking to amend its existing credit facilities to allow for the incremental debt and revise restricted payments, and is offering existing lenders a 25 bps consent fee.

Invenergy is a Chicago-based operator of power generation facilities.

Navex proposed terms

Navex held its lender call in the afternoon and launched a $100 million incremental first-lien term loan B with original issue discount talk of 98.56, according to a market source.

Like the existing loan, the incremental term loan is priced at Libor plus 325 bps with a 0% Libor floor.

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

Commitments are due on Aug. 20.

Golub Capital is leading the deal that will be used to fund an add-on acquisition.

Navex is a Portland, Ore.-based provider of ethics and compliance software, content and services.

© 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.