Hyperion, Marriott Ownership, Sabert, DRW, STV Group free up; Playtika changes surface

By Sara Rosenberg

New York, Nov. 26 – Hyperion Insurance Group Ltd. modified the original issue discount on its incremental term loan B and Marriott Ownership Resorts Inc. set the issue price on its term loan B at the tight end of guidance, and then both of these loans freed to trade on Tuesday.

Also, Sabert Corp. increased pricing on its term loan B before breaking for trading, and deals from DRW Holdings LLC and STV Group emerged in the secondary market as well.

In more happenings, Playtika Holding Corp. raised the spread on its term loan B, increased the Libor floor, widened the original issue discount and extended the call protection, and WIRB-Copernicus Group joined the post-Thanksgiving primary calendar.

Hyperion tweaked, trades

Hyperion Insurance Group changed the original issue discount on its fungible $100 million incremental senior secured covenant-lite term loan B (B2/B) due Dec. 20, 2024 to 99.5 from 99, a market source remarked.

The incremental term loan is still priced at Libor plus 350 basis points with a 1% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Tuesday and the incremental loan was quoted in the afternoon at par 1/8 bid, par 5/8 offered a trader added.

Morgan Stanley Senior Funding Inc., Barclays, J.P. Morgan Securities LLC and RBC Capital Markets are the joint bookrunners on the deal and joint lead arrangers with HSBC Securities (USA) Inc. and Lloyds. ING, NatWest and UBS Investment Bank are co-managers.

Proceeds will be used to fund the Locked Account and pay related fees and expenses.

With this transaction, the company sought an amendment to its existing £125 million revolver, $1,181,441,689 term loan B and €245,748,120 term loan B, and offered a 25 bps consent fee to lenders.

Hyperion, a London-based insurance intermediary group, expects to close on the loan in mid-December.

Marriott updated, breaks

Marriott Ownership Resorts firmed the issue price on its $893 million covenant-lite term loan B due 2025 at par, the tight end of the 99.75 to par talk, according to a market source.

The term loan remained priced at Libor plus 175 bps with a 0% Libor floor, and still has 101 soft call protection for six months.

On Tuesday, the term loan emerged in the secondary market and was quoted at par 1/8 bid, par 5/8 offered, a trader said.

J.P. Morgan Securities LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 225 bps.

Marriott Ownership is an Orlando, Fla.-based pure-play vacation ownership company.

Sabert revised, frees up

Sabert flexed pricing on its $715 million seven-year term loan B (B2/B) to Libor plus 450 bps from talk in the range of Libor plus 400 bps to 425 bps, a market source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

Commitments were due at 2:30 p.m. ET on Tuesday and the term loan B started trading in the afternoon, with levels quoted at 99½ bid, par offered, another source added.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and Nomura Securities International Inc. are leading the deal that will be used to fund the acquisition of LBP Manufacturing LLC and to refinance existing debt.

Closing is expected in early December, subject to customary conditions, including regulatory approvals.

Sabert is a Sayreville, N.J.-based food packaging company. LBP is a Chicago-based producer of environmentally progressive and sustainable food and beverage packaging.

DRW hits secondary

DRW Holdings’ $300 million seven-year first-lien term loan (B1/BB-) also began trading during the session, with levels quoted at 99¼ bid, 99¾ offered, a market source said.

Pricing on the term loan is Libor plus 425 bps with a 0% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

Jefferies LLC is leading the deal that will be used for general corporate purposes, including the expansion of trading capital.

DRW is a Chicago-based principle trading company across a diverse spectrum of asset classes and financial instruments on venues across the world.

STV tops OID

STV Group’s $225 million seven-year first-lien term loan B broke too, with levels seen at 99¼ bid, 99¾ offered, a market source remarked.

Pricing on the term loan is Libor plus 525 bps with a 0% Libor floor and it was sold at an original issue discount of 99.

During syndication, pricing on the term loan was increased from Libor plus 450 bps and a leverage-based pricing step-down was removed.

The company’s $280 million of credit facilities (B2/B+) also include a $55 million five-year revolver.

Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., BMO Capital Markets and Carlyle are leading the deal that will be used to help fund a recapitalization of the company by the Tom Pritzker Family Business Interests advised by TPO.

Closing is expected in December.

STV is an engineering, architectural, program/construction management, planning and environmental professional services firm with headquarters in New York and Douglassville, Pa.

Playtika reworked

Back in the primary market, Playtika Holding lifted pricing on its $2.5 billion five-year covenant-lite first-lien term loan B (Ba3/B+) to Libor plus 600 bps from Libor plus 400 bps, changed the Libor floor to 1% from 0%, moved the original issue discount to 98 from 99 and extended the 101 soft call protection to one year from six months, according to a market source.

Commitments are due at noon ET on Dec. 3, the source said. The original deadline had been 5 p.m. ET on Nov. 25.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to refinance an existing bridge loan.

Playtika is a mobile gaming company.

WIRB readies deal

WIRB-Copernicus Group set a bank meeting for Monday to launch a $920 million first-lien term loan, a market source remarked.

The company’s $1.39 billion of credit facilities also include a $125 million revolver and a $345 million privately placed second-lien term loan, the source added.

Barclays, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BMO Capital Markets, Golub Capital and HSBC Securities (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners LP.

Closing is expected in the first quarter of 2020, subject to customary approvals.

WIRB-Copernicus is a Princeton, N.J.-based provider of clinical trial optimization solutions.

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