CeramTec, Media General, Choice Cable break; Great Wolf, Willbros, Cetera changes emerge

By Sara Rosenberg

New York, July 30 - CeramTec GmbH reverse flexed pricing on its term B debt for a second time and then freed up for trading on Tuesday, Media General Inc. and Choice Cable broke, and Misys plc softened with repricing news.

In more loan news, Great Wolf Resorts Inc. lowered the coupon on its term loan B, added a leverage-based step-down and tightened the original issue discount, and Willbros Group Inc. sweetened the spread, discount and call premiums on its B loan.

Also, Cetera Financial Group Inc. reduced the size of its term loan B, increased pricing and modified the original issue discount as well as the call protection.

Additionally, Multi Packaging Solutions Inc., ZEST Anchors Inc. and AMR Corp. (American Airlines) released talk with launch, and TriNet HR Corp. and MEI Conlux Holdings Inc. came out with new deal plans.

CeramTec starts trading

CeramTec's credit facility hit the secondary market on Monday after a final downward adjustment in pricing, and the $472.5 million seven-year covenant-light term loan B was quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the U.S. term loan B firmed at Libor plus 325 basis points after flexing from revised talk of Libor plus 350 bps and earlier from initial talk of Libor plus 400 bps to 425 bps, a source said. The tranche has a 1% Libor floor and 101 soft call protection for six months, and was sold at an original issue discount of 991/2, which was tightened from 99 last week.

The company is also getting a €291.3 million seven-year covenant-light term loan B that saw pricing lowered to Euribor plus 375 bps from revised talk of Euribor plus 400 bps and initial talk of Euribor plus 425 bps to 450 bps, the source remarked. This debt has a 1% floor and 101 soft call protection for six months, and was sold at 99½ as well after being adjusted last week from 99.

CeramTec getting revolver

Along with the term loan B borrowings, CeramTec's company's €747.5 million credit facility (Ba3/B) includes a €100 million five-year revolver.

Deutsche Bank Securities Inc., RBC Capital Markets and UBS Securities LLC are leading the deal that will be used with €306.7 million of 8¼% eight-year senior notes to fund the €1.49 billion buyout of the company by Cinven from Rockwood Holdings Inc.

Closing is expected in the third quarter, subject to regulatory approvals, including the E.U. Competition Clearance Authority.

CeramTec is a Plochingen, Germany-based producer of high-performance advanced ceramics materials and products.

Media General tops OID

Media General's credit facility hit the secondary too, with the $868 million seven-year delayed-draw term loan B (B1/BB-) seen at 99¼ bid, 99¾ offered on the open and then it moved up to 99¾ bid, par ¼ offered a trader said.

Pricing on the B loan that has delayed-draw availability of 12 months is Libor plus 325 bps with a 1% Libor floor and it was sold at a discount of 99. There is 101 soft call protection for one year and a ticking fee of 50 bps for days 31 to 60 and the full spread thereafter.

During syndication, the term loan B was upsized from $865 million, pricing was cut from Libor plus 375 bps, the soft call was extended from six months, the ticking fee was changed from 50 bps from days 31 to 105, half the spread from days 106 to 165 and the full spread thereafter, and the 18-month MFN sunset provision was removed.

Media General lead banks

RBC Capital Markets, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are leading Media General's $960 million credit facility that also includes a $32 million delayed-draw term loan A (B1/BB-) - downsized from $35 million when the term loan B was upsized - and a $60 million five-year super-priority revolver (Ba1/BB).

Proceeds will be used to refinance around $765 million of debt at Media General and New Young Broadcasting Holding Co. Inc. in connection with their merger and pay a $50 million cash contribution to Media General's qualified pension plan.

The funding of the delayed-draw term debt will occur, first, upon receipt of regulatory and Media General shareholder approval, which is expected by early fourth quarter, at which time about $540 million will be drawn, and, second, upon expiration of the non-call period on the existing Media General 11¾% 2017 senior secured notes in February 2014 to repay the notes.

Media General is a Richmond, Va.-based provider of news, information and entertainment. Young is a Nashville, Tenn.-based media company.

Choice Cable frees up

Choice Cable's credit facility also began trading, with the $155 million term loan quoted at par bid, par ¼ offered on the break and then it rose to par ¼ bid, par ½ offered, according to a trader.

Pricing on the term loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 991/2, after flexing from talk of Libor plus 450 bps with a 1% floor and a discount of 99. There is 101 soft call protection for six months.

The company's $170 million credit facility (B2/B) also includes a $15 million revolver.

SunTrust Robinson Humphrey Inc. is leading the deal that is being used to refinance existing debt and fund a dividend.

Choice Cable is a Puerto Rico-based cable operator.

Misys weakens

Also in the secondary, Misys' $938 million first-lien term loan dipped to 101 bid, 101½ offered from 101¼ bid, 101¾ offered as the company launched a repricing transaction, according to a trader.

Under the repricing, the company is talking the U.S. term loan at Libor plus 400 bps to 425 bps with a 1% Libor floor, a par offer price and 101 soft call protection through June 2014, versus current pricing of Libor plus 600 bps with a 1.25% floor, sources said.

In addition, the company is looking to reprice its €99 million first-lien term loan, and talk on this tranche is Euribor plus 425 bps to 450 bps with a 1% floor, a par offer price and 101 soft call protection through June 2014, compared to current pricing of Euribor plus 625 bps with a 1.25% floor, sources continued.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are leading the deal.

Misys is a London-based provider of application software and services for the financial services industry.

BWIC announced

A roughly $141.7 million Bid-Wanted-In-Competition surfaced, with bids due at noon ET on Wednesday, according to a trader.

Some of the larger pieces of debt on offer are Asurion LLC's term loan B-1, HCA Inc.'s term loan B, Royalty Pharma's term loan-1, ServiceMaster Co.'s extended term loan B, Texas Competitive Electric's term loan B and Univision Communications Inc.'s term loan C-1.

The portfolio includes about 41 issuers, the trader added.

Great Wolf reworked

Back in the primary, Great Wolf Resorts trimmed pricing on its $320 million seven-year covenant-light term loan B to Libor plus 350 bps from talk of Libor plus 425 bps to 450 bps, added a step-down to Libor plus 325 bps at 3½ times secured leverage and moved the original issue discount to 99½ from 99, a market source said.

Unchanged on the B loan were the 1% Libor floor and 101 soft call protection for six months.

The Madison, Wis.-based water park resort operator's $420 million senior secured credit facility (B3/BB-) also includes a $100 million five-year revolver.

Commitments were due at the close of business on Tuesday, accelerated from Wednesday.

Deutsche Bank Securities Inc., Barclays and Goldman Sachs Bank USA are leading the deal that will be used to repay all of the 10 7/8% first mortgage notes due 2017 issued by GWR Operating Partnership LLLP and Great Wolf Finance Corp., to refinance the outstanding debt under the existing senior secured credit facility of Great Wolf Lodge of the Carolinas LLC and for general corporate purposes.

Willbros tweaks deal

Willbros Group increased the coupon on its $250 million six-year term loan B (Caa1/B-) to Libor plus 975 bps from talk of Libor plus 675 bps to 700 bps and widened the original issue discount to 96½ from 981/2, according to a market source.

Additionally, the term loan B was changed to be non-callable for one year, then at 103 in year two and 101 in year three, from having soft call protection of 103 in year one, 102 in year two and 101 in year three, the source remarked.

As before, the B loan has a 1.25% Libor floor.

Recommitments are due at 5 p.m. ET on Wednesday, the source added.

Willbros repaying debt

Proceeds from Wilbros' $400 million credit facility, which also provides for a $150 million five-year asset-based revolver (B1) that will be undrawn at closing, will be used to refinance an existing credit facility.

J.P. Morgan Securities LLC is leading the term loan and Bank of America Merrill Lynch is leading the revolver.

Willbros is a Houston-based specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries.

Cetera sweetens terms

Cetera Financial Group cut its six-year term loan B to $210 million from $265 million, lifted pricing to Libor plus 550 bps from talk of Libor plus 475 bps to 500 bps, changed the discount to 98 from 99 and increased the soft call protection to 102 in year one and 101 in year two from just 101 for one year, according to a market source.

The 1% Libor floor on the loan was left intact.

Recommitments are due at noon ET on Wednesday, the source said.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt, fund an acquisition and pay a dividend to shareholders.

Cetera is a Denver-based financial advisor network that provides wealth management and advisory platforms to independent financial advisors.

Multi Packaging sets talk

In more primary happenings, Multi Packaging Solutions held a bank meeting on Tuesday morning, and with the event, talk on the $280 million seven-year covenant-light first-lien term loan B emerged at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company's $330 million credit facility also includes a $50 million five-year revolver.

Commitments are due on Aug. 8, the source said.

Barclays and Bank of America Merrill Lynch are leading the deal that will be used to help fund the buyout of the company by Madison Dearborn Partners from Irving Place Capital and to refinance its existing senior secured credit facility.

Senior secured leverage is 3.5 times and total leverage is 5.8 times.

Multi Packaging Solutions is a New York-based manufacturer of printed folding cartons, labels, and inserts for customers in the health care, consumer and media end markets.

ZEST guidance

ZEST Anchors set talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $160 million seven-year first-lien term loan (B2/B) that launched in the morning, according to a market source.

The company's $260 million credit facility also includes a $20 million revolver (B2/B), and an $80 million second-lien term loan that has already been placed.

Deutsche Bank Securities Inc., Fifth Third Securities Inc. and RBS Citizens are leading the deal that will be used to help fund the buyout of the company by Avista Capital Partners from Jordan Co.

ZEST is an Escondido, Calif.-based manufacturer and distributor of dental products for the treatment of edentulous patients.

AMR holds call

AMR launched with a call during the session a $500 million add-on to its debtor-in-possession/exit financing term loan (Baa2/BB-/BB-) that is talked at Libor plus 375 bps with a 1% Libor floor and an original issue discount of 991/2, a market source remarked.

The spread and floor match existing term loan pricing.

Commitments are due on Wednesday, the source said.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Proceeds will be used by the Fort Worth, Texas-based airline company to add cash to the balance sheet.

Photonis leads emerge

Photonis USA Pennsylvania Inc. launched its $325 million in first- and second-lien term loans during the session, and disclosed that Societe Generale and ING signed on as joint bookrunners, joining left lead Credit Suisse Securities (USA) LLC, a market source said.

As previously reported, the debt includes a $260 million six-year covenant-light first-lien term loan (B1/B+) talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and a $65 million 61/2-year covenant-light second-lien term loan (Caa1/B-) talked at Libor plus 900 bps with a 1% floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three.

Commitments are due on Aug. 13.

Proceeds will be used to refinance existing debt.

Photonis is a Lancaster, Pa.-based manufacturer of vacuum electron devices and associated RF circuits for communications, science, radar, industry & directed energy applications.

TriNet readies deal

TriNet set a bank meeting for 9:30 a.m. ET in New York on Thursday to launch an $895 million credit facility that will be used to refinance existing debt and fund a dividend, according to a market source.

The facility consists of a $75 million five-year revolver, a $150 million three-year first-lien term loan, a $480 million seven-year first-lien term loan and a $190 million 71/2-year second-lien term loan, the source said.

J.P. Morgan Securities LLC is leading the deal.

TriNet is a San Leandro, Calif., cloud-based provider of on-demand HR services.

MEI coming soon

MEI Conlux scheduled a bank meeting for Thursday to launch a $450 million credit facility, according to sources.

The facility consists of a $60 million five-year revolver and a $390 million seven-year covenant-light term loan, sources said.

Goldman Sachs Bank USA, Bank of America Merrill Lynch and Nomura are leading the transaction that will be used to refinance existing debt.

MEI Conlux is a Malvern, Pa.-based manufacturer of electronic note acceptors, coin mechanisms and other unattended transaction systems.

CLEAResult allocates

In other news, CLEAResult allocated its $155 million credit facility that consists of a $30 million five-year revolver, an $85 million six-year term loan, a C$15 million six-year term loan and a $25 million six-year delayed-draw term loan, a source said.

All of the tranches are priced at Libor plus 400 bps with a 1% Libor floor. The term loans were sold at an original issue discount of 991/2, and the delayed-draw tranche has a 125 bps ticking fee.

Societe Generale and KeyBanc Capital Markets are the lead banks on the deal, and J.P. Morgan Securities LLC, GE Capital Markets and Babson Capital signed on as documentation agents.

Proceeds will be used to help fund the company's buyout by General Atlantic.

Pro forma senior and total leverage is 3.73 times.

CLEAResult is an Austin, Texas-based provider of outsourced energy efficiency optimization services primarily for utility clients in the United States and Canada.

True Religion closes

True Religion Apparel Inc.'s buyout by TowerBrook Capital Partners LP for $32 per share in cash in a transaction valued at about $835 million has been completed, a news release said.

For the transaction, True Religion got a $545 million senior secured credit facility comprised of a $60 million ABL revolver, a $400 million six-year first-lien term loan and an $85 million 61/2-year second-lien term loan.

Pricing on the first-lien term loan is Libor plus 487.5 bps with a 1% Libor floor and it was sold at a discount of 931/2. There is 101 soft call protection for one year.

The second-lien loan is priced at Libor plus 1,000 bps with a 1% floor and was sold at 92. This debt is non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four.

True Religion leads

Deutsche Bank Securities Inc., Jefferies Finance LLC, UBS Securities LLC and Macquarie Capital (USA) Inc. were the lead banks on True Religion's credit facility.

During syndication, the first-lien term loan was upsized from $375 million, pricing was cut from revised talk of Libor plus 500 bps but increased from initial talk of Libor plus 450 bps, the discount tightened from revised talk of 93 but widened from initial talk of 99 and the maturity was shortened from seven years.

Also, the second-lien term loan was downsized from a revised amount of $92.5 million and an initial size of $110 million, pricing was increased from Libor plus 825 bps, the discount was modified from 981/2, the call protection was beefed up from 103 in year one, 102 in year two and 101 in year three, and the maturity was shortened from eight years.

Furthermore, the revolver was upsized from $50 million.

True Religion is a Vernon, Calif.-based jeans and jeans-related sportswear company.

Hemisphere wraps

Hemisphere Media Group Inc. closed on its $175 million seven-year covenant-light term loan B (B2/B) that is priced at Libor plus 500 bps with a 1.25% Libor floor, according to a news release. The loan has 101 soft call protection for one year and was sold at an original issue discount of 99.

During syndication, pricing on the loan was increased from Libor plus 450 bps.

Deutsche Bank Securities Inc. led the deal that was used to refinance term loans at the company's subsidiaries, Cine Latino Inc. and InterMedia Español Inc., and for general corporate purposes.

Pro forma total leverage is 4.3 times and net leverage is 0.3 times.

Hemisphere Media is a Miami-based Spanish-language media company.

Gardner Denver buyout

The acquisition of Gardner Denver Inc. by Kohlberg Kravis Roberts & Co. LP for $76 per share has closed, according to a news release.

For the transaction, Gardner Denver got a new $2,825,000,000 senior secured facility (B1/B) consisting of a $400 million five-year revolver, a $525 million seven-year euro term loan at Euribor plus 375 bps with a 1% floor and sold at 991/2, and a $1.9 billion seven-year U.S. term loan at Libor plus 325 bps with a 1% Libor floor and sold at a 991/2. The term loans have 101 soft call protection for one year.

During syndication, the U.S. term loan was upsized from $1.8 billion as the company's bond deal was reduced to $575 million from $675 million, pricing was cut from revised talk of Libor plus 350 bps and initial talk of Libor plus 400 bps to 425 bps, and the 101 soft call protection was moved to six months and then back to one year. Also, the euro term loan saw its spread flex from talk of Euribor plus 425 bps to 450 bps, and the discount on both term loans was tightened from 99.

UBS Securities LLC, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Corporate Bank Ltd., RBC Capital Markets, Macquarie Capital, HSBC Securities (USA) Inc., KKR Capital Markets and Sumitomo Mitsui Banking led the deal for the Wayne, Pa.-based manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems.

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