JBS, Celanese free to trade; Quikrete shutting early; Sabre reveals talk with launch

By Sara Rosenberg

New York, Sept. 13 - JBS USA LLC upsized its term loan, firmed the spread at the low end of guidance, tightened the original issue discount and then freed up for trading on Friday afternoon, and Celanese Corp. broke too.

In more loan happenings, Quikrete accelerated the commitment deadline on its credit facility, Sabre Inc. released price talk with launch, and Hilton Worldwide Holdings Inc., HealthPort (CT Technologies Intermediate Holdings Inc.) and Information Resources Inc. emerged with new deal plans.

JBS revised, breaks

JBS lifted its seven-year term loan (Ba2/BB) to $500 million from $400 million, finalized pricing at Libor plus 275 basis points, the tight end of the Libor plus 275 bps to 300 bps talk, and moved the original issue discount to 99½ from 99, according to a market source.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Lenders were asked to get their recommitments in by 1:30 p.m. ET on Friday and then, shortly thereafter, allocations went out, the source remarked.

The term loan broke for trading in the late afternoon with levels quoted at 99 5/8 bid, par 1/8 offered and then it moved up to 99¾ bid, par ¼ offered, a trader added.

J.P. Morgan Securities LLC is leading the deal that will be used to help fund a tender offer for the company's 11 5/8% senior notes due 2014, and, as a result of the upsizing, to repay revolver debt.

In addition, the company is getting a $500 million, upsized from $400 million, add-on to its 7¼% senior notes due 2021 for the tender offer and the revolver paydown.

JBS is a Greeley, Colo.-based beef, pork and lamb processing company.

Celanese starts trading

Celanese's repriced roughly $733.1 million U.S. term loan also hit the secondary market, with levels quoted at par ½ bid, 101 offered, according to sources.

The U.S. term loan and a roughly €179.6 million euro term loan were repriced to Libor/Euribor plus 200 bps with no floor from Libor/Euribor plus 275 bps with no floor. The debt was issued at par and has 101 soft call protection for six months.

During syndication, the spread on the repriced loans firmed at the low end of the Libor/Euribor plus 200 bps to 225 bps talk.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Celanese is a Dallas-based producer of specialty and intermediate chemical products.

Quikrete moves deadline

Back in the primary market, Quikrete revised the commitment deadline on its first- and second-lien term loans to 5 p.m. ET on Monday from Sept. 20, according to a market source.

The $1.23 billion seven-year first-lien term B (B1/B+) is talked at Libor plus 325 bps, and the $190 million 71/2-year second-lien term loan (B3/B-) is talked at Libor plus 700 bps, with both having a 1% Libor floor. The first-lien term loan is being offered with an original issue discount of 99, and the second-lien term loan is being offered at 98.

Included in the first-lien loan is 101 soft call protection for six months, and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $1.62 billion credit facility also provides for a $200 million ABL revolver.

Wells Fargo Securities LLC is leading the deal that will be used to fund the acquisition of Custom Building Products Inc. from Kelso & Co.

Quikrete is an Atlanta-based manufacturer of packaged concrete and related products. Custom Building Products is a Seal Beach, Calif.-based producer of mortar, sealant, grout, backerboard, tools and associated products for the installation and care of ceramic tile and stone.

Sabre sets talk

Sabre held its call on Friday, launching its $300 million covenant-light term loan B-2 (B) with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor and an original issue discount of 991/2, according to a market source. The debt has 101 soft call protection through February 2014.

Commitments are due on Thursday, the source continued.

Bank of America Merrill Lynch is leading the deal that will be used to help fund costs associated with a marketing agreement between Sabre's wholly owned company, Travelocity, and Expedia Inc.

Sabre is a Southlake, Texas-based online travel company.

Hilton on deck

Hilton Worldwide surfaced with plans to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $6.85 billion credit facility, according to a market source.

The facility consists of a $1 billion revolver, an $850 million five-year covenant-light term loan B and a $5 billion seven-year covenant-light term loan B-2, the source said, adding that both term loans have 101 soft call protection for six months.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal.

Proceeds from the credit facility and new notes will be used to refinance existing debt.

The new debt is expected to be completed before the company closes on its recently announced initial public offering of common stock.

Hilton Worldwide is a McLean, Va.-based hospitality company.

HealthPort coming soon

HealthPort scheduled a bank meeting for 3 p.m. ET in New York on Monday to launch a $390 million credit facility, according to a market source.

The facility consists of a $25 million five-year revolver, a $250 million six-year first-lien term loan (B+) talked at Libor plus 425 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and a $115 million seven-year second-lien term loan (CCC+) talked at Libor plus 825 bps with a 1.25% Libor floor, a discount of 981/2, and call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Credit Suisse Securities (USA) LLC, Ares Capital and GE Capital Markets are leading the first-lien debt, and Credit Suisse is the lead on the second-lien loan.

HealthPort, an Alpharetta, Ga.-based provider of release of information services for the healthcare industry, will use the new credit facility to refinance existing debt and fund a dividend.

Information Resources plans

Information Resources set a bank meeting for 1:30 p.m. ET in New York on Monday to launch a $617.5 million seven-year covenant-light term loan B, according to a market source.

Bank of America Merrill Lynch, Jefferies Finance LLC and BMO Capital Markets are leading the deal that will be used to refinance existing debt and back the acquisition of Aztec from Aegis Media.

Information Resources is a Chicago-based provider of solutions and services for consumer, retail and over-the-counter healthcare companies. Aztec is a provider of market measurement and related services for consumer packaged goods, liquor and pharmaceutical manufacturers and retailers.

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