Charter, Constellation Brands, Cyanco, AWAS, TransFirst free up; Press Ganey talk emerges

By Sara Rosenberg

New York, April 29 - Charter Communications Operating LLC's term loan F surfaced in the secondary market on Monday with levels seen above par, and Constellation Brands Inc. (CIH International SARL), Cyanco Intermediate Corp., AWAS and TransFirst Holdings Inc. began trading as well.

Over in the primary, Press Ganey Associates Inc. (PGA Holdings Inc.) released price talk with launch, TricorBraun reduced pricing on its credit facility, and WCA Waste Corp., Reynolds and Reynolds Co., Grocery Outlet Inc., Performance Food Group Inc. and EquiPower Resources Holdings LLC joined this week's calendar.

Charter term F breaks

Charter Communications' $1.2 billion first-lien term loan F (Baa3/BB+/BB+) due January 2021 freed up for trading on Monday, with levels quoted at par 1/8 bid, par 3/8 offered, according to a market source.

Pricing on the term loan F is Libor plus 225 basis points with a 0.75% Libor floor, and it was sold at an original issue discount of 993/4. There is 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets, U.S. Bank, Goldman Sachs & Co. and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.

Proceeds will be used to refinance a $527 million term loan C due 2016 and a $744 million term loan D due 2019.

Charter Communications is a Stamford, Conn.-based broadband communications company.

Constellation tops par

Another deal to start trading was Constellation Brands' $1 billion seven-year term loan B, with levels quoted at par 1/8 bid, par 3/8 offered, according to a trader.

Pricing on the loan is Libor plus 200 bps with a step-down to Libor plus 175 bps when consolidated leverage is less than 4.25 times that will only be available after the delivery of financials for two full quarters following closing. The debt has a 0.75% Libor floor and 101 soft call protection for one year and was sold at an original issue discount of 993/4.

During syndication, pricing on the term B firmed at the tight end of the Libor plus 200 bps to 225 bps talk and the step-down was added.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities LLC and Barclays are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Grupo Modelo's U.S. business.

Constellation Brands is a Victor, N.Y.-based wine company.

Cyanco starts trading

Cyanco's credit facility also made its way into the secondary, with the $350 million seven-year term loan B quoted at 99¾ bid, par ¾ offered, according to a market source.

Pricing on the B loan is Libor plus 450 bps with a 1% Libor floor, and it was sold at a discount of 99.

Recently, the term B was downsized from $400 million, pricing firmed at the wide end of the Libor plus 425 bps to 450 bps talk, the discount finalized at the high end of the 99 to 99½ guidance, the net first-lien incurrence ratio was reduced to 3.5 times from 4 times, the 18-month MFN sunset provision was eliminated, the net first-lien leverage ratios in all periods were reduced by 0.50 times and the excess cash flow sweep net first-lien leverage step-down levels were reduced by 0.50 times for each level.

Cyanco getting revolver

In addition to the term loan, Cyanco's $365 million credit facility (B+) includes a $15 million five-year revolver.

Deutsche Bank Securities Inc., Jefferies Finance LLC and Macquarie Capital are leading the deal.

Proceeds will be used to refinance existing debt and fund a dividend that was reduced to roughly $225 million from $260 million due to the term loan downsizing, the source added.

Cyanco is a Reno, Nev.-based supplier of sodium cyanide to the mining industry.

AWAS frees up

AWAS' roughly $348 million term loan due 2018 broke for trading too, with levels quoted at par 5/8 bid, 101 1/8 offered on the open and then it moved up to par ¾ bid, 101¼ offered, a trader remarked.

Pricing on the loan is Libor plus 275 bps with a 0.75% Libor floor. There is 101 soft call protection for one year.

Proceeds are being used to reprice an existing term loan from Libor plus 350 bps with a 1.25% Libor floor, and with the transaction, existing lenders are being paid out at 101.

RBC Capital Markets, Morgan Stanley Senior Funding Inc., Goldman Sachs & Co. and DVB Capital Markets are the leads on the deal.

AWAS is a Dublin-based aircraft leasing company.

TransFirst hits secondary

TransFirst's $399 million first-lien term loan began trading as well, with levels quoted at par ¼ bid, according to a trader.

Pricing on the loan is Libor plus 350 bps with a step-down that was added during syndication to Libor plus 325 bps when net total opco leverage is less than 5.5 times. The loan has a 1.25% Libor floor and 101 soft call protection for six months, and was issued at par.

Proceeds are being used to reprice an existing term first-lien term loan down from Libor plus 500 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch, GE Capital Markets and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal and bookrunners with SunTrust Robinson Humphrey Inc., RBC Capital Markets and Wells Fargo Securities LLC.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

Press Ganey sets talk

Moving to the primary, Press Ganey Associates held a call on Monday afternoon to kick off syndication on its $371,550,000 first-lien senior secured term loan due April 20, 2018, and talk on the deal emerged at Libor plus 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Barclays is leading the loan that will be used to reprice an existing $341,550,000 first-lien term loan from Libor plus 400 bps with a 1.25% Libor floor, and the $30 million of incremental borrowings will be used to pay down some of the company's existing second-lien term loan debt.

Press Ganey is a South Bend, Ind.-based provider of health care performance improvement services.

TricorBraun flexes

TricorBraun trimmed the spread on its $552 million credit facility (B+) to Libor plus 300 bps from Libor plus 325 bps, while keeping the 1% Libor floor intact, according to a market source.

The facility consists of a $75 million revolver, and a $477 million term loan that still has 101 soft call protection for six months and a par offer price.

Proceeds will be used to reprice an existing revolver and term loan from Libor plus 425 bps with a 1.25% floor.

Lead, GE Capital Markets, was asking for recommitments by Monday, the source added.

TricorBraun is a St. Louis-based designer and deliverer of rigid packaging.

WCA Waste coming soon

WCA Waste set a call for 1:00 p.m. ET on Tuesday to launch a $372,250,000 credit facility that is being led by Credit Suisse Securities (USA) LLC and Macquarie Capital, according to a market source.

The facility consists of a $100 million revolver due March 2017 talked at Libor plus 400 bps with no Libor floor and a par offer price, and a $272,250,000 first-lien term loan due March 2018 talked at Libor plus 325 bps with a 1% Libor floor, a par offer price and 101 repricing protection for one year, the source said.

Proceeds will be used to reprice an existing revolver from Libor plus 425 bps with a 1.25% Libor floor and an existing term loan from Libor plus 425 bps with a 1.25% Libor floor.

Also, the Houston-based non-hazardous solid-waste services company will ask to amend covenants to flat line them at the current levels and change the incremental loan provision is to an unlimited amount subject to a 4.75 times leverage ratio, the source continued.

Commitments are due on May 6, the source added.

Reynolds readies deal

Reynolds and Reynolds scheduled a call for Tuesday to launch a repricing of its $447 million term loan B due 2018 to Libor plus 250 bps with no Libor floor from Libor plus 275 bps with a 1% Libor floor, and its $468 million term loan A due 2016 to Libor plus 200 bps with no floor from Libor plus 250 bps with no floor, according to a market source.

The repriced term loan B is being offered at par and has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. is leading the $915 million deal.

Reynolds and Reynolds is a Kettering, Ohio-based provider of software, business forms and supplies and professional services that support automotive retailing for car dealers and automakers.

Grocery Outlet repricing

Grocery Outlet will hold a call at 10 a.m. ET on Tuesday to launch a repricing of its $30 million revolver and $314,525,000 first-lien term loan due Dec. 17, 2018, according to a market source.

The existing first-lien term loan has 101 soft call protection that expires on Dec. 17, 2013.

Barclays is the lead bank on the $344,525,000 senior secured deal.

Grocery Outlet is a Berkeley, Calif.-based extreme-value grocery retailer.

Performance Food on deck

Performance Food Group will hold a lender call at 10 a.m. ET on Tuesday to launch a $530 million 61/2-year covenant-light term loan that includes call protection of 102 in year one and 101 in year two, according to a market source.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, BMO Capital Markets, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays and Blackstone Capital Markets are leading the deal.

The Richmond, Va.-based foodservice distributor will use the new term loan to refinance existing mezzanine notes.

EquiPower joins calendar

EquiPower set a bank meeting for 10 a.m. ET on Wednesday to launch a new $610 million senior secured first-lien term loan C due December 2018, according to sources.

Barclays, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are leading the deal that will be used to finance the acquisition of two power generation assets from Dominion, repay the existing second-lien term loan, repay existing working capital drawings and fund cash collateral accounts.

EquiPower is a Hartford, Conn.-based competitive power generation company.

Pinnacle Foods closes

In other news, Pinnacle Foods Finance LLC closed on its $1.78 billion senior secured credit facility (Ba3/BB) that includes a $150 million five-year revolver and a $1.63 billion seven-year term loan G, a news release said.

Pricing on the G loan is Libor plus 250 bps with a step-down to Libor plus 225 bps at 4.25 times net total leverage. The debt has a 0.75% Libor floor and 101 soft call protection for one year, and it was sold at an original issue discount of 993/4.

During syndication, the term loan G was upsized from $1.58 billion as a bond deal was downsized to $350 million from $400 million, the pricing step-down was added, the Libor floor was reduced from 1%, the discount firmed at the low end of the 99½ to 99¾ talk and the call protection was extended from six months.

Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley Senior Funding Inc., UBS Investment Bank and Macquarie Capital led the deal that was used to help repay/replace an existing credit facility and 8¼% senior unsecured notes.

Pinnacle Foods is a Mountain Lakes, N.J.-based diversified packaged food company.

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