AmWINS, Regal Cinemas, B/E Aerospace, AdvancePierre, CHG, Presidio break; Cengage revised

By Sara Rosenberg

New York, May 26 – Deals from AmWINS Group LLC, Regal Cinemas Corp. and B/E Aerospace Inc. began trading on Thursday, and AdvancePierre Foods Inc.’s term loan B hit the secondary market after an upsizing and the cancellation of plans for an amended second-lien term loan.

Also, CHG Healthcare Services Inc. trimmed the spread on its term loan B, modified the issue price and extended the call protection, and Presidio Inc. increased the size of its incremental first-lien term loan and tightened the original issue discount, and then both of these deals broke for trading as well.

Furthermore, Cengage Learning Inc. raised the size of its term loan B and lowered the spread, and Aspen Dental Management Inc. moved up the commitment deadline on its add-on term loan B and repricing.

In addition, St. George’s University, West Corp., Ferrara Candy Co. Holdings Inc., Prospect Medical Holdings Inc. and ABB Optical Group all surfaced with new loan plans.

AmWINS tops issue price

AmWINS Group’s $902 million first-lien covenant-light term loan due September 2019 began trading on Thursday, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 375 basis points with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Barclays are leading the deal that is being used to reprice the existing first-lien term loan from Libor plus 425 bps with a 1% Libor floor.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Regal Cinemas breaks

Regal Cinemas’ $959 million first-lien covenant-light term loan (Ba1) due April 2022 freed up too, with levels seen at par ¼ bid, par ½ offered, a trader remarked.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice the existing first-lien term loan down from Libor plus 300 bps with a 0.75% Libor floor.

Regal Cinemas is a subsidiary of Regal Entertainment Group, a Knoxville, Tenn.-based motion picture exhibitor.

B/E Aerospace above par

Another deal to break was B/E Aerospace’s $2,064,000,000 covenant-light term loan due December 2021, with levels seen at par ¼ bid, a market source said.

The loan is priced at Libor plus 300 bps with a 0.75% Libor floor and was issued at par after tightening the other day from 99.75. The debt has 101 soft call protection for six months.

J.P. Morgan Securities LLC is leading the deal that will be used to reprice/refinance the existing term loan due December 2021 from Libor plus 325 bps with a 0.75% Libor floor.

B/E Aerospace is a Wellington, Fla.-based manufacturer of aircraft cabin interior products and a provider of aerospace fasteners, consumables and logistics services.

AdvancePierre restructures

AdvancePierre Foods raised its seven-year first-lien covenant-light term loan B to $1.3 billion from a revised amount of $1.15 billion and an initial amount of $1.1 billion, and dropped plans for an amended $150 million covenant-light second-lien term loan, which was recently downsized from $200 million, according to a market source.

Pricing on the first-lien term loan B is Libor plus 375 bps with a step-down to Libor plus 350 bps at 4 times net total leverage and corporate family ratings of B1/B+. The debt has a 1% Libor floor, 101 soft call protection for six months and MFN for life, and is being sold at an original issue discount of 99.5.

The other day, pricing on the first-lien term loan was cut from Libor plus 400 bps, the step-down was added and the discount finalized at the tight end of the 99 to 99.5 talk.

Talk on the eliminated second-lien term loan due October 2020 was Libor plus 825 bps with a 1.25% Libor floor, a 50 bps consent fee and call protection of 101 for six months, 102 for months six through 18, 101 for months 18 through 30 and par thereafter.

AdvancePierre starts trading

Commitments were due at 2 p.m. ET, and with final terms in place, AdvancePierre’s term loan B surfaced in the secondary market, with levels quoted at par bid, par ½ offered, a trader said.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Macquarie Capital (USA) Inc. are leading the deal.

Proceeds will be used to refinance existing debt so as to extend existing maturities.

AdvancePierre is a Cincinnati-based supplier of value-added proteins and sandwich products to foodservice, retail, schools and convenience channels.

CHG sets changes, trades

CHG Healthcare lowered pricing on its $990 million seven-year senior secured term loan B (B1/B) to Libor plus 375 bps from talk of Libor plus 400 bps to 425 bps, moved the original issue discount to 99.5 from 99, pushed out the 101 soft call protection to one year from six months and eliminated the 12 month MFN sunset, according to a market source.

As before, the term loan has a 1% Libor floor.

Recommitments were due at noon ET on Thursday and the deal freed up for trading in the afternoon, with levels quoted at 99¾ bid, par ½ offered, the source said.

Goldman Sachs & Co., Barclays, Citigroup Global Markets Inc. and Jefferies Finance LLC are leading the loan that will be used with $300 million of privately placed second-lien notes to refinance existing debt and fund a dividend.

Closing is expected during the week of June 5.

CHG is a Salt Lake City-based health care staffing firm.

Presidio reworked, frees up

Presidio lifted its fungible incremental first-lien term loan due February 2022 to $140 million from $115 million and changed the original issue discount to 99.5 from 99, while keeping pricing at Libor plus 425 bps with a 1% Libor floor, a market source said.

The spread and floor on the incremental term loan matches existing first-lien term loan pricing.

Commitments were due by noon ET, and then the debt hit the secondary market, with levels seen at 99 5/8 bid, par offered, a trader added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance an existing secured bridge facility and for general corporate purposes.

Presidio is a New York-based IT infrastructure solutions provider.

Cengage tweaked

In more happenings, Cengage upsized its seven-year senior secured covenant-light term loan B to $1.71 billion from $1.59 billion and trimmed pricing to Libor plus 425 bps from talk of Libor plus 450 bps to 475 bps, a market source said.

As before, the term loan B has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Commitments were due at 3 p.m. ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and KKR Capital Markets LLC are leading the loan that will be used with $620 million of senior unsecured notes, downsized from $740 million, to refinance existing debt and to fund a distribution to existing shareholders.

Cengage is a Boston-based educational content, technology and services company.

Aspen shutting early

Aspen Dental Management accelerated the commitment deadline on its $45 million add-on term loan B and repricing of its existing roughly $397 million term loan B to Friday from noon ET on Tuesday, a market source remarked.

The add-on loan and repricing are talked at Libor plus 425 bps with a 1% Libor floor and 101 soft call protection for six months. New money is being offered an original issue discount of 99.5 to 99.75, and existing money is being offered a par issue price.

Proceeds from the add-on term loan will be used to fund a dividend, and the repricing will take pricing on the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

RBC Capital Markets LLC is leading the deal.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

St. George’s readies loan

St. George’s University set a bank meeting for 1:30 p.m. ET in New York on Wednesday to launch a $600 million term loan B, according to a market source.

Goldman Sachs & Co. is the left lead on the deal that will be used to repay existing debt, for a distribution to shareholders and to fund strategic initiatives.

St. George’s is a Grenada, West Indies-based educational institution, providing students medical degrees, as well as veterinary and liberal arts graduate and undergraduate degrees.

West B-12 on deck

West Corp. scheduled a bank meeting for Wednesday to launch a $470 million seven-year term loan B-12 that is preliminarily talked at Libor plus 325 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

The company’s $1.52 billion credit facility also includes a $750 million term loan A-2 and a $300 million extended revolver, both talked at Libor plus 250 bps, which already launched with a bank meeting on Thursday, the source continued.

Commitments for the term loan A-2 and revolver are due in two weeks.

Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are leading the deal that will be used to replace an existing $300 million revolver due July 2019, and to help refinance borrowings under an existing term loan A-1 due July 2019 and an existing term loan B-10 due June 2018.

West is an Omaha-based technology-driven communication services provider.

Ferrara Candy joins calendar

Ferrara Candy emerged with plans to hold a bank meeting at noon ET on Tuesday to launch a $500 million senior secured first-lien term loan, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance existing debt and to pay a dividend to existing shareholders.

Ferrara Candy is an Oakbrook Terrace, Ill. confectionery and candy manufacturer.

Prospect Medical coming soon

Prospect Medical set a bank meeting for 10 a.m. ET on Wednesday to launch a $650 million term loan B talked at Libor plus 575 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

J.P. Morgan Securities LLC is leading the loan that will be used to refinance notes, to pay down revolver borrowings and to fund acquisitions.

Prospect Medical is a Los Angeles-based provider of healthcare and physician services.

ABB plans meeting

ABB Optical scheduled a bank meeting for 1 p.m. ET in New York on Wednesday to launch a new senior secured credit facility, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance an existing first-lien term loan and to fund a dividend distribution.

ABB Optical is a Coral Springs, Fla. optical distributor.

Acadia closes

In other news, Acadia Healthcare Co. Inc. closed Thursday on the repricing of its $493.8 million term loan B-1 due February 2022 to Libor plus 300 bps with a 0.75% Libor floor from Libor plus 350 bps with a 0.75% Libor floor, according to an 8-K filed with the Securities and Exchange Commission.

The repriced loan was issued at par and has 101 soft call protection for six months.

Bank of America Merrill Lynch was the lead bank on the deal.

Acadia is a Franklin, Tenn.-based provider of inpatient behavioral health care services.

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