Everi Payments, Oxbow Carbon, Radio Systems break; All Metro Health changes surface

By Sara Rosenberg

New York, May 1 – Everi Payments Inc.’s credit facilities allocated on Monday and the first-lien term loan freed up for trading above its original issue discount, and deals from Oxbow Carbon LLC and Radio Systems Corp. hit the secondary market too.

Moving to the primary market, All Metro Health Care raised pricing on its credit facilities and extended the commitment deadline, AssuredPartners Inc. approached lenders with a repricing, and Petmate and Generac Power Systems Inc. emerged with new deal plans.

Everi frees up

Everi Payments’ new bank deal emerged in the secondary market on Monday, with the $820 million seven-year senior secured first-lien term loan seen by one trader at par bid, par ¾ offered and by a second trader at par ¼ bid, par ¾ offered.

Pricing on the term loan is Libor plus 450 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

On Friday, the spread on the term loan firmed at the low end of the Libor plus 450 bps to 475 bps talk, and the discount was tightened from 99.

The company’s $855 million of credit facilities (B1/B+) also include a $35 million five-year revolver.

Jefferies Finance LLC is leading the deal that will be used to refinance a roughly $462.3 million first-lien term loan due 2020 and $335 million of senior secured notes due 2021.

Everi Payments is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

Oxbow Carbon tops OID

Oxbow Carbon’s $350 million term loan B (B1/BB-) was another deal to begin trading during the session, with levels seen at par ¼ bid, par ¾ offered, a trader remarked.

The term loan is priced at Libor plus 350 bps with a 0% Libor floor and was sold at an original issue discount of 99.75.

During syndication, the spread on the term loan firmed at the low end of the Libor plus 350 bps to 375 bps talk and the discount tightened from 99.5.

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

Oxbow Carbon is a West Palm Beach, Fla.-based recycler of refinery and natural gas byproducts.

Radio Systems breaks

Radio Systems’ $300 million seven-year covenant-light term loan B (B1) freed up too, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is Libor plus 350 bps with a step-down to Libor plus 325 bps when total net leverage is less than 3 times and a 1% Libor floor, and it was sold at an original issue discount of 99.5. The loan includes 101 soft call protection for six months.

During syndication, pricing on the term loan B was reduced from talk of Libor plus 375 bps to 400 bps, the step-down was added, the discount finalized at the tight end of the 99.25 to 99.5 talk, and the 18 month sunset was removed from the 50 bps MFN protection.

Fifth Third Bank is leading the deal that will be used to refinance existing debt.

Radio Systems is a Knoxville, Tenn.-based manufacturer of pet products.

All Metro flexes

Switching to the primary market, All Metro Health Care lifted pricing on its $225 million six-year term loan B to Libor plus 475 bps from Libor plus 450 bps and left the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, according to a market source.

In addition, pricing on the company’s $30 million five-year revolver was increased to Libor plus 475 bps from Libor plus 450 bps, the source said. This tranche still has no floor and a discount of 99.

Commitments are due at noon ET on May 10, revised from May 4, the source added.

Capital One and BMO Capital Markets are leading the deal that will be used to refinance existing bank debt.

All Metro, a One Equity Partners portfolio company, is a Valley Stream, N.Y.-based provider of home care services in New York, Pennsylvania, New Jersey and Florida.

AssuredPartners holds call

AssuredPartners hosted a lender call on Monday, launching a $1,123,000,000 term loan at talk of Libor plus 350 bps with a 0% Libor floor and a par issue price, according to a market source.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, Barclays, Macquarie Capital (USA) Inc. and BMO Capital Markets Corp. are leading the deal that will be used to reprice an existing term loan from Libor plus 425 bps with a 1% Libor floor

AssuredPartners is a Lake Mary, Fla.-based provider of property and casualty and employee benefits insurance brokerage services.

Petmate readies deal

Petmate set a bank meeting in New York for Wednesday to launch $262.5 million in credit facilities, a market source said.

The facilities consist of a $30 million revolver and a $232.5 million term loan, the source added.

Antares Capital is leading the deal that will be used to help fund the buyout of the company by Olympus Partners.

Petmate, a portfolio company of Wind Point Partners, is an Arlington, Texas-based pet products platform.

Generac on deck

Generac Power Systems scheduled a lender call for Tuesday to launch a $929 million term loan B talked at Libor plus 225 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

J.P. Morgan Securities LLC is leading the deal that will be used to reprice an existing term loan from Libor plus 275 bps with a step-down to Libor plus 250 bps at leverage of less than 3 times and a 0.75% Libor floor.

Generac is a Waukesha, Wis.-based designer and manufacturer of generators.

Eldorado closes

In other news, Eldorado Resorts Inc. completed its acquisition of Isle of Capri Casinos Inc., according to a news release.

To help fund the transaction, Eldorado Resorts got $1.75 billion in credit facilities (Ba3/BB) that include a $300 million five-year revolver and a $1.45 billion seven-year covenant-light term loan B.

Pricing on the term loan is Libor plus 225 bps with a 0% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from talk of Libor plus 250 bps to 275 bps and the issue price firmed at the tight end of revised talk of 99.75 to par and tighter than initial talk of 99.75.

J.P. Morgan Securities LLC led the deal.

Eldorado Resorts is a Reno, Nev.-based casino entertainment company. Isle of Capri is a St. Louis-based gaming and entertainment company.

Tecomet wraps

The purchase of Tecomet (TecoStar Holdings Inc.) by Charlesbank Capital Partners from Genstar Capital has closed, a news release said.

To help fund the buyout, Tecomet got $835 million in credit facilities split between a $70 million ABL revolver, a $540 million seven-year first-lien term loan (B2/B) and a $225 million pre-placed second-lien term loan (CCC+).

Pricing on the first-lien term loan is Libor plus 375 bps with a 25 bps step-down at net leverage of 4x and a 1% Libor floor. The debt was issued at a discount of 99.5 and has 101 soft call protection for six months.

During syndication, pricing on the term loan was cut from Libor plus 400 bps, the step-down was added and the discount was modified from 99.

Jefferies Finance LLC, Antares Capital and KKR Capital led the deal.

First-lien leverage is 4.5 times, and total leverage is 6.4 times.

Tecomet is a Wilmington, Mass.-based provider of high precision manufacturing solutions serving global medical device and aerospace and defense original equipment manufacturers.

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