Dealogic hits secondary; Western Generation gains ground; Sungard changes issue price

By Sara Rosenberg

New York, Dec. 20 – Dealogic increased the size of its U.S. term loan and decreased the size of its euro term loan, and then the U.S. debt made its way into the secondary market on Wednesday with the bid side seen in line with the original issue discount.

In more happenings, Western Generation Partners’ (WGP Acquisition LLC) repriced term loan headed higher from its recent break price.

Meanwhile, back in the primary market, Sungard Availability Services widened the original issue discount on its extended term loan B, and Meredith Corp. came out with timing on the launch of its credit facilities.

Dealogic tweaked, trades

Dealogic lifted its U.S. seven-year senior secured term loan (B3/B) to $420 million from $360 million while trimming its euro seven-year senior secured term loan (B3/B) to €200 million from €250 million, according to a market source.

As before, the term loans are priced at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99.5 and include 101 soft call protection for six months.

Following the finalization of terms, the U.S. loan freed up for trading and levels were quoted at 99½ bid, par offered, a trader added.

UBS Investment Bank is leading the deal that will be used to help fund a recapitalization in connection with the acquisition by ION Investment Group of a controlling stake in the company.

With the transaction, the Carlyle Group and management are retaining significant ownership in Dealogic.

Closing is expected this quarter, subject to customary approvals.

Dealogic is a New York and London-based provider of data and analytics, market intelligence and capital markets software solutions for financial institutions.

Western Generation rises

Western Generation Partners’ $234.6 million term loan B moved up in trading to par ½ bid, 101 offered, after breaking late in the previous session at par 3/8 bid, par ¾ offered, a market source said.

Pricing on the loan is Libor plus 350 bps with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, the spread on the term loan firmed at the high end of the Libor plus 325 bps to 350 bps talk.

MUFG is leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Harbert Management Corp., UBS Asset Management and Northwestern Mutual are the sponsors.

Western Generation is the owner of 12 power plants representing about 1,500 MW of contracted thermal power plants.

Pasha bid at OID

Pasha Group’s $150 million five-year term loan (BB-), which allocated on Tuesday, was quoted at 97 bid, 98 offered throughout the day on Wednesday, a trader remarked.

Pricing on the loan is Libor plus 750 bps with a 1% Libor floor, and it was sold at an original issue discount of 97. The debt has call protection of 105 in year one, 102 in year two and 101 in year three.

Bank of America Merrill Lynch is leading the deal that will be used to refinance existing debt.

Pasha Group is a San Rafael, Calif.-based diversified logistics and transportation services company.

Sungard modifies OID

Returning to the primary market, Sungard Availability Services changed the original issue discount for new money on the extension of its $425 million term loan B to 95 from 98 and the discount for rolled money to 95 from par, according to a market source.

The term loan is still being extended by three years to Oct. 1, 2022, from 2019 and is priced at Libor plus 1,000 bps with a 1% Libor floor.

Current pricing on the term loan B is Libor plus 500 bps with a 1% Libor floor.

KKR Capital Markets is leading the transaction that allocated in the afternoon.

SunGard Availability Services is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

Meredith timing emerges

Meredith set a bank meeting for 12:30 p.m. ET in New York on Jan. 4 to launch its previously announced $2.15 billion of senior secured credit facilities, a market source said.

The facilities consist of a $350 million five-year revolver and a $1.8 billion seven-year term loan B.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, Barclays and Citigroup Global Markets Inc. are leading the deal that will be used to help fund the acquisition of Time Inc. for $18.50 per share in an all-cash transaction valued at $2.8 billion and to refinance existing debt.

The company is also expected to issue senior unsecured notes, which are backed by a commitment for a $1.4 billion one-year bridge loan, and get a $650 million preferred equity commitment from Koch Equity Development for the transaction.

Closing is expected in the first quarter of 2018, subject to regulatory approvals and the tender of a majority of the outstanding shares of Time Inc. common stock.

Pro forma leverage is expected at 2.9 times, including expected synergies.

Meredith is a Des Moines-based media and marketing company. Time is a New York-based media company.

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