One Call, EIG, Zayo, Tribune, Murray, Delta, Templar, Misys break; Getty trades higher

By Sara Rosenberg

New York, Nov. 21 - One Call Care Management finalized pricing on its second-lien term loan at the low end of talk, revised the original issue discount, and then the debt, along with the company's first-lien term loan, emerged in the secondary market on Thursday.

Also, EIG Investors Corp. (Endurance International Group Holdings Inc.) and Zayo Group LLC increased the size of their first-lien term loans and then freed up for trading, and Tribune Co., Murray Energy Corp., Delta Air Lines Inc., Templar Energy LLC and Misys plc broke too.

Additionally, Getty Images Inc.'s term loan B was active and stronger in trading as the company held a call.

In more happening, CAMP International Holding Co. trimmed spreads on its first- and second-lien term loans, and is now repricing its existing first-lien debt, Western Refining Inc. flexed lower and modified its offer price, and Kronos Inc. upsized its add-on second-lien term loan.

Furthermore, Manitowoc Co. Inc. released price talk on its term loan that was launched to investors during the session, Chesapeake Services Ltd./Multi Packaging Solutions Inc. came out with timing on its merger financing, and North Atlantic Trading Co. Inc. and Walker & Dunlop emerged with bank meeting plans.

One Call starts trading

One Call's loans freed up on Thursday after final terms were established, with the $825 million seven-year covenant-light first-lien term loan quoted at 99¼ bid, 99¾ offered and the $420 million eight-year covenant-light second-lien term loan quoted at par bid, according to a trader.

Pricing on the first-lien term loan is Libor plus 400 basis points with a step-down to Libor plus 375 bps when first-lien senior secured leverage is 4.25 times. The debt has a 1% Libor floor and 101 soft call protection for six months, and was sold at an original issue discount of 99.

During syndication, the spread on the first-lien term loan was increased from talk of Libor plus 350 bps to 375 bps and the step-down was added.

The second-lien term loan is priced at Libor plus 775 bps, after firming in the morning at the tight end of the Libor plus 775 bps to 800 bps talk, and was sold at a discount of 991/2, after tightening from 99, a source remarked. This tranche has a 1% Libor floor and 101 hard call protection until April 30, 2014, then 103 until the first anniversary of closing, 102 for a year and 101 for the following year.

One Call lead banks

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., RBC Capital Markets, Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and Guggenheim are leading One Call's $1,245,000,000 deal that will fund its buyout by Apax Partners from Odyssey Investment Partners.

Apax is also purchasing Align Networks, a workers' compensation physical medicine network, from General Atlantic and The Riverside Co., and it is expected that following the completion of each transaction, One Call and Align will merge.

When final terms emerged on One Call's loans in the morning, it was revealed that the MFN sunset was dropped, establishing the 50 bps MFN for life, the incremental allowance was revised to $200 million, provided that only $150 million will be available prior to the Align Networks acquisition, from $300 million with $200 million available prior to the acquisition, and a first-lien senior secured leverage limit was set at 5 times with respect to the financing of the Align acquisition, a source added.

Closing on the One Call buyout is expected this quarter.

One Call is a Parsippany, N.J.-based provider of specialized cost containment services to the workers' compensation industry.

EIG upsizes, frees up

EIG Investors lifted its senior secured first-lien term loan due Nov. 9, 2019 to $1.05 billion from $1,034,000,000, by increasing the tack-on amount to $166 million from $150 million, according to a market source. The remaining $884 million is repricing an existing first-lien term loan.

Then, by late afternoon, the loan began trading, with levels quoted at par ¼ bid, par ¾ offered, a trader remarked.

Pricing on the term loan is Libor plus 400 bps with a 1% Libor floor, a par offer price on the repricing portion of the loan and an original issue discount of 99½ on the incremental debt. The debt has 101 soft call protection for six months.

The company's now $1,175,000,000 credit facility (B2/B) also includes a $125 million revolver.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing first- and second-lien term loans.

EIG is a Burlington, Mass.-based provider of web hosting and online services.

Zayo levels emerge

Zayo's credit facility also broke for trading after an upsizing, with the $1,749,750,000 term loan B due July 2, 2019 quoted at par 1/8 bid, par 3/8 offered, a trader said.

Pricing on the B loan, which was increased from $1,599,750,000, is Libor plus 300 bps with a 1% Libor floor and it was issued at par. There is 101 soft call protection for six months.

The company's $1,849,750,000 senior secured credit facility (B1) also includes a $250 million revolver due July 2, 2017 priced at Libor plus 275 bps, subject to a grid.

Proceeds will be used to reprice the company's existing revolver and term loan B, and the $150 million of incremental term loan debt raised will be used for general corporate purposes.

With this deal, term B pricing is being taken down from Libor plus 350 bps with a 1% floor.

Morgan Stanley Senior Funding Inc., Barclays and RBC Capital Markets are the joint lead arrangers and bookrunners on the deal. Citigroup Global Markets Inc., Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc. and UBS Securities LLC are the co-managers.

Zayo, a Louisville, Colo.-based provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services, is expected to close on this transaction on Tuesday.

Tribune seen above OID

Tribune's credit facility began trading, with the $3.8 billion seven-year term loan B quoted at par bid, par ¼ offered, according to a trader.

Pricing on the B loan is Libor plus 300 bps with a 1% Libor floor and it was sold at a discount of 993/4. There is 101 soft call protection for six months.

During syndication, pricing on the term loan B was reduced from Libor plus 350 bps, the discount was changed from 99 and the call protection was shortened from one year.

The company's proposed $4.1 billion senior secured credit facility (Ba3/BB+) also includes a $300 million five-year revolver.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used with cash on hand to fund the acquisition of Local TV Holdings LLC from Oak Hill Capital Partners for $2,725,000,000 and refinance existing debt.

Closing is expected by the end of the year, subject to antitrust and Federal Communications Commission approvals and other customary conditions.

Tribune is a Chicago-based multimedia company. Local TV is a Newport, Ky.-based owner and operator of television stations.

Murray hits secondary

Murray Energy's credit facility was another deal to break, with one trader quoting the $1.02 billion six-year first-lien term loan B (B1/BB-) at par ½ bid, 101 offered.

Pricing on the first-lien loan is Libor plus 425 bps with a 1% Libor floor and it was sold at a discount of 991/2. The debt includes 101 soft call protection for one year.

Earlier this week, pricing on the first-lien term loan was reduced from Libor plus 450 bps and the discount tightened from 99.

The St. Clairsville, Ohio-based coal company's $1.62 billion credit facility also provides for a $200 million five-year ABL revolver with pricing ranging from Libor plus 175 bps to 225 bps and a 37.5 bps unused fee, and a $400 million seven-year second-lien term loan (Caa1/B-) that was previously placed and is priced at Libor plus 850 bps with a 1% Libor floor and is non-callable for four years.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the acquisition of Consolidation Coal Co. from Consol Energy Inc. for $3.5 billion, including $2.4 billion of Consol balance sheet liabilities.

Closing is expected by year-end, subject to expiration of the Hart Scott Rodino Antitrust Improvements Act waiting period and other customary conditions.

Delta tops par

Delta Air Lines' roughly $1.35 billion term loan B due April 2017 started trading too, with levels seen at par ¼ bid, par ¾ offered, a source remarked.

Pricing on the loan is Libor plus 275 bps with a 0.75% Libor floor and it was issued at par. There is 101 soft call protection for six months.

J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the deal that is being used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Delta is an Atlanta-based provider of scheduled air transportation for passengers and cargo.

Templar begins trading

Templar Energy's $700 million seven-year covenant-light senior secured second-lien term loan (B3/B-) also freed up, with levels quoted at 99 bid, 99¾ offered, according to a trader.

Pricing on the loan is Libor plus 700 bps with a 1% Libor floor and it was sold at an original issue discount of 98. There is call protection of 102 in year one and 101 in year two.

With the term loan, the company is also getting a $300 million reserve-based revolver.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays, Morgan Stanley Senior Funding Inc. and Natixis Securities North America Inc. are leading the deal that will be used to help fund the acquisition of oil and gas assets located in the Texas Panhandle Area from Forest Oil Corp. for $1 billion.

Templar Energy is an Oklahoma City-based exploration and production company.

Misys breaks

Misys' term debt emerged in the secondary as well, with the $140 million U.S. add-on term loan B due Dec. 1, 2018 quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the U.S. add-on term loan is Libor plus 400 bps with a 1% Libor floor and it was issued at par. There is 101 soft call protection until June 1, 2014.

The company is also getting a €50 million term loan B due Dec. 1, 2018 priced at Euribor plus 425 bps with a 1% floor and issued at par. This tranche has 101 soft call protection until June 1, 2014 too.

During syndication, the U.S. term loan was downsized from $200 million as the euro term loan was added, and the offer price was revised from 991/2.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Jefferies Finance LLC are leading the deal that is being used to repay a holding company loan that was issued with the merger with Turaz in January 2012.

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

Getty rises

In more trading news, Getty Images' term loan B was stronger following a call, although details of what the call was regarding were unavailable prior to press time, according to traders.

The term loan B was quoted by one trader at 92¼ bid, 93 offered, up from 90 3/8 bid, 90 7/8 offered, and by a second trader at 91¼ bid, 92¼ offered, up from 90¼ bid, 91¼ offered.

Getty Images is a Seattle-based creator and distributor of still imagery, video and multimedia products.

CAMP reworks deal

Back in the primary, CAMP International cut pricing on its $75 million add-on first-lien term loan due May 31, 2019 to Libor plus 375 bps with a 1% Libor floor from Libor plus 400 bps with a 1.25% Libor floor, and is now looking to reprice its existing $252.5 million first-lien term loan to Libor plus 375 bps with a 1% Libor floor from Libor plus 400 bps with a 1.25% Libor floor, according to a market source.

Also, the 101 soft call protection on the add-on and the existing first-lien term loan was extended to one year from six months, the source said.

As before, the add-on is offered at par, and now the repricing is offered at par too.

Regarding the company's $145 million second-lien term loan due Nov. 30, 2019, pricing was lowered to Libor plus 725 bps with a 1% Libor floor from Libor plus 775 bps with a 1.25% Libor floor, and the offer price firmed at par, the tight end of the 99¾ to par talk, the source continued.

The second-lien term loan still has call protection of 102 in year one and 101 in year two.

CAMP moves deadline

Commitments for CAMP's term loans are due at noon ET on Friday, revised from this coming Tuesday, and allocates are targeted to go out next week, the source added.

Deutsche Bank Securities Inc. is leading the deal.

Proceeds from the incremental first-lien term loan debt and the second-lien term loan will be used to finance a dividend and take out the existing second-lien term loan.

CAMP is a Ronkonkoma, N.Y.-based provider of maintenance tracking and information services for business aviation.

Western Refining cuts pricing

Western Refining reduced the spread on its $550 million seven-year senior secured term loan B (B1/BB-) to Libor plus 325 bps from Libor plus 350 bps and changed the offer price to par from 99, according to a market source. The 1% Libor floor was unchanged.

Bank of America Merrill Lynch and UBS Securities LLC are leading the deal that is being used with $245 million in cash on hand to fund the already completed acquisition of ACON Investments' and TPG's ownership interests in Northern Tier Energy LP for $775 million.

As a result of the acquisition, Western Refining owns Northern Tier Energy's general partner and 35,622,500 limited partner units, or about 38.7% of Northern Tier Energy.

Western Refining is an El Paso, Texas-based refining and marketing company. Northern Tier Energy is a Ridgefield, Conn.-based downstream energy company.

Kronos tweaks size

Kronos raised the size of its add-on second-lien term loan due April 2020 to $175 million from $95 million, and kept pricing at Libor plus 850 bps with a 1.25% Libor floor and an original issue discount of 99, a market source said.

The second-lien loan still has call protection of 103 through October 2015, then 102 for a year and 101 for the following year.

In addition to the add-on second-lien loan, the company still intends to get a $205 million add-on first-lien term loan due October 2019 priced at Libor plus 350 bps with a 1% Libor floor and an original issue discount of 99, and including 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the now $380 million in fungible add-on covenant-light term loans that will be used to fund a dividend to shareholders.

Commitments are due at 1 p.m. ET on Friday.

With the add-ons, the Chelmsford, Mass.-based provider of workforce management software is looking to amend its existing credit facility to permit the new debt and dividend.

Manitowoc sets talk

Manitowoc held its bank meeting on Thursday, launching its $200 million seven-year term loan with talk of Libor plus 275 bps to 300 bps with a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, according to a market source.

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

Proceeds will be used to refinance existing bank debt and for general corporate purposes.

Manitowoc is a Manitowoc, Wis.-based manufacturer and seller of cranes and related products and foodservice equipment.

Chesapeake/Multi on deck

Chesapeake Services /Multi Packaging set a bank meeting for 10 a.m. ET in New York on Monday to launch a new $122 million term loan, and an amendment and restatement of Chesapeake's existing ₤340 million senior secured credit facility that will accommodate the addition of $330 million of existing Multi Packaging credit facilities, according to a market source.

Multi Packaging's existing lenders can be repaid at par or roll into the amended and restated Chesapeake senior secured credit facility.

Barclays is leading the deal that is being done in connection with the merger of Chesapeake and Multi Packaging and proceeds from the term loan will be used for an equalization payment and to pay transaction related fees and expenses.

Chesapeake is a U.K.-based manufacturer of consumer packaging that is owned by Carlyle Group. Multi Packaging is a New York-based provider of packaging services that is owned by Madison Dearborn Partners LLC. At closing, ownership in the combined company will be split evenly between Carlyle and Madison Dearborn.

Closing is expected in the first quarter of 2014, subject to regulatory approval.

North Atlantic readies loans

North Atlantic Trading will hold a bank meeting at 10:30 a.m. ET in New York on Friday to launch $255 million of loans, split between a $165 million first-lien term B talked with an all-in-yield of 8% and a $90 million second-lien term loan talked with an all-in-yield of 12%, according to market sources.

Wells Fargo Securities LLC and Jefferies Finance LLC are leading the deal that will be used to refinance existing debt.

Commitments are due on Dec.6, sources added.

North Atlantic Trading is a Louisville, Ky.-based manufacturer and marketer of tobacco products.

Walker coming soon

Walker & Dunlop scheduled a bank meeting for Friday to launch a $175 million seven-year term loan B that is being led by Wells Fargo Securities LLC, according to a market source.

The B loan is talked at Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

Commitments are due on Dec. 6.

Proceeds will be used for general corporate purposes.

Walker & Dunlop is a Bethesda, Md.-based provider of commercial real estate financial services.

Gateway allocates

Gateway Casinos & Entertainment Ltd.'s C$360 million credit facility (Ba3/BB) allocated on Thursday, according to a market source.

The facility includes a C$120 million six-year term loan B, a C$190 million five-year term loan A and a C$50 million five-year revolver.

Pricing on the B loan is BA plus 425 bps with a 1% floor, it was sold at an original issue discount of 991/4, and has 101 soft call protection for one year. The revolver and term A are priced at BA plus 375 bps and were issued with a 100 bps upfront fee.

Recently, the term loan B was downsized from C$145 million and the spread finalized at the tight end of the BA plus 425 bps to 450 bps talk, and the term loan A was upsized from C$145 million.

TD Securities is leading the deal that will be used to help refinance existing debt, including C$170 million of 8 7/8% second-priority senior secured notes due 2017, and fund a dividend.

As part of the transaction, the company is also issuing C$200 million of second-lien notes, reduced from C$220 million with the recent term loan A upsizing.

Gateway is a Burnaby, B.C.-based owner of gaming properties.

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