PCI Gaming, Liaison, WIRB-Copernicus free to trade; Berry, Installed Building updated

By Sara Rosenberg

New York, Dec. 13 – PCI Gaming Authority firmed pricing on its term loan at the high end of talk and then the debt made its way into the secondary market on Friday, with levels quoted above par.

Also, Liaison (LI Group Holdings Inc.) set the spread on its term loan at the low end of guidance and tightened the original issue discount before breaking for trading, and WIRB-Copernicus Group freed up as well.

In other news, Berry Global Group Inc. upsized its term loan Y and is using proceeds from its recent bond offering to repay in full its euro term loan V, and Installed Building Products Inc. finalized the issue price on its term loan B at the tight side of talk.

PCI finalized, breaks

PCI Gaming Authority set the spread on its $1.177 billion first-lien term loan (Ba3/BB+/BBB-) due May 2026 at Libor plus 250 basis points, the wide end of the Libor plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

On Friday, the term loan freed to trade and levels were quoted at par ¼ bid, par ¾ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 300 bps.

PCI Gaming, an authority of the Poarch Band of Creek Indians, is an Atmore, Ala.-based owner and operator of gaming and entertainment facilities.

Liaison tweaked, trades

Liaison finalized pricing on its $225 million seven-year covenant-lite first-lien term loan at Libor plus 450 bps, the low end of the Libor plus 450 bps to 475 bps talk, and changed the original issue discount to 99.75 from 99.5, a market source remarked.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

The company’s $240 million of credit facilities (B2/B) also include a $15 million revolver.

Recommitments were due at noon ET on Friday and the term loan began trading in the afternoon, with levels quoted at par bid, par ½ offered, another source added.

Credit Suisse Securities (USA) LLC and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Meritage Group.

Liaison is an admission management software provider for higher education.

WIRB hits secondary

WIRB-Copernicus Group’s $920 million first-lien term loan (B2/B) also began trading during the session, with levels seen at 99¼ bid, par offered, a market source said.

Pricing on the first-lien term loan is Libor plus 400 bps with a 1% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

During syndication, pricing on the first-lien term loan was lowered from talk in the range of Libor plus 425 bps to 450 bps, the call protection was extended from six months, documentation changes were made to MFN, inside maturity, ratio debt, liens, unlimited investment amounts, junior debt prepayments, restricted payments, excess cash flow sweep and EBITDA definition, and a requirement for quarterly lender calls was added.

The company’s $1.39 billion of credit facilities also include a $125 million revolver (B2/B) and a $345 million privately placed second-lien term loan.

WIRB lead banks

Barclays, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BMO Capital Markets, Golub Capital and HSBC Securities (USA) Inc. are leading WIRB-Copernicus’ new credit facilities.

Proceeds 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.

Berry upsized

Back in the primary market, Berry Global Group lifted its term loan Y (Ba2/BBB-) due July 2026 to $4.25 billion from $3.85 billion, and left pricing at Libor plus 200 bps with a 0% Libor floor and an original issue discount of 99.875, according to a market source. The debt has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan Y was lowered from Libor plus 225 bps, a pricing step-down at 0.5x inside closing date total net leverage was removed and the issue price was revised from par.

Allocations are expected on Monday, the source added.

Proceeds will be used to refinance/reprice an existing $4.25 billion term loan U that is priced at Libor plus 250 bps.

Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Citigroup Global Markets Inc. are leading the deal.

Berry repaying term V

Initially, Berry Global was going to pay down a portion of the term loan U borrowings with some of the proceeds from a €1.075 billion dual-tranche bond issuance, but has now opted to use all of the notes proceeds to fully repay its existing €1.075 billion term loan V priced at Euribor plus 250 bps.

Prior to the decision to repay its term loan V, the company was seeking a $776 million equivalent term loan Z due July 2026 to help reprice/refinance the term loan V, and talk on the term loan Z was Euribor plus 225 bps with a step-down at 0.5x inside closing date total net leverage, a 0% floor, a par issue price and 101 soft call protection for six months.

Berry is an Evansville, Ind.-based manufacturer and marketer of plastic packaging products, plastic film products, specialty adhesives and coated products.

Installed Building firms

Installed Building Products set the issue price on its $200 million covenant-lite term loan B due April 15, 2025 at par, the tight end of the 99.875 to par talk, a market source remarked.

The term loan B is priced at Libor plus 225 bps with a 0% Libor floor and has 101 soft call protection for six months.

BofA Securities, Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 250 bps with a 1% Libor floor.

Closing is expected during the week of Dec. 16.

Installed Building Products is a Columbus, Ohio-based installer of insulation products and complementary building products.

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