RCHP sets meeting; Intertrust to launch €837 million in dollars, euros; Visteon gives talk

By Paul A. Harris

Portland, Ore., March 24 - The LCDX 20 index of bank loan credit default swaps ended the Monday session unchanged at 103 7/8 bid, 104 3/8 offered, according to a market source.

RCHP, Inc. plans to launch a $575 million credit facility at a bank meeting on Tuesday.

Intertrust Group BV set a Wednesday bank meeting to launch €837 million loans in dollars and euros.

And Visteon Corp. set price talk for its $800 million credit facility.

RCHP to launch

The RCHP deal, via left lead UBS Investment Bank, features a $250 million five-year first lien term that has a 1% Libor floor and 1% annual amortization.

There is also $240 million 5.5-year second lien term loan with 1% Libor floor.

The pro rata tranche is an $85 million 4.5-year revolver.

Spreads and reoffer prices, as well as credit ratings, remain to be determined.

The Brentwood, Tenn.-based operator of general acute care hospitals plans to use the proceeds to refinance debt.

Intertrust in dollars, euros

Netherlands-based tax consultancy services provider Intertrust announced that its deal features a €582 million equivalent seven-year term loan B, which will include a €42 million add-on. In addition, there is a €255 million eight-year second lien loan.

Allocations will come in dollar- and euro denominations.

Deutsche Bank Securities Inc., BofA Merrill Lynch and Nomura are the leads.

Proceeds will be used to fund a dividend recapitalization.

Visteon sets talk

Visteon's $600 million seven-year senior secured term loan B is talked at a Libor spread of 275 bps to 300 basis points with a 0.75% Libor floor at an original issue discount of 99.50. It comes with 101 soft call protection for six months and 1% annual amortization, and a customary covenant package.

A $200 million five-year senior secured revolver is talked at Libor plus 275 bps subject to a grid based on total net leverage.

Commitments are due on April 3.

Citigroup is the left bookrunner, BofA Merrill Lynch, UBS Investment Bank, Barclay, Morgan Stanley & Co.are joint bookrunners.

Visteon is a Van Buren Township, Mich., automotive supplier.

SEI prices

SEI Holdings priced $352.5 million of term loans on Monday, according to a market source.

A $225 million seven-year first-lien term loan and (B1/B) priced at 99.5 with a 400 basis points spread to Libor. The deal was loan was talked at Libor plus 375 bps at 99.5.

A $127.5 million eight-year second-lien term loan (Caa1/CCC+) priced at 99 with an 800 bps spread to Libor. It was talked at Libor plus 725 bps with a 1% Libor floor and a discount of 99.

Included in the first-lien term loan is 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company's $452.5 million credit facility also provides for a $100 million five-year ABL revolver.

UBS Securities LLC was the lead bank. Jefferies LLC was the joint bookrunner.

Proceeds will be used to help fund the acquisition of Delta Rigging & Tools and to refinance existing debt.

SEI is a Glen Burnie, Md.-based industrial products distributor specializing in rubber products and wire rope & rigging products. Delta Rigging is a Pearland, Texas-based provider of lifting and rigging products and related services.

Telx talks $770 million

Telx Group set price talk for its $770 million senior secured credit facility, a market source said on Monday.

A $110 million five-year revolver is talked at a Libor spread of 350 basis points to 375 bps.

A $475 million six-year first-lien term loan is talked at 99.5 with Libor plus 375 bps to 400 bps spread, a 1% Libor floor and a six-month soft call at 101.

A $185 million seven-year second-lien term loan is talked at 99 with Libor plus 675 bps to 700 bps spread, a 1% Libor floor, hard calls at 102 and 101.

Commitments are due on April 2, and the deal is expected to close on April 9.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc. and TD Securities (USA) LLC are the joint bookrunners on the deal and joint lead arrangers with RBC Capital Markets.

Telx is a New York-based provider of interconnection and colocation facilities.

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