CareCore, PeroxyChem break; Aramark, Alamo, CEC, NXP, Anaren, Consolidated Aero update deals

By Sara Rosenberg

New York, Feb. 13 - CareCore National LLC's credit facility freed up for trading during Thursday's market hours, with the term loan seen trading above its original issue discount price, and PeroxyChem emerged in the secondary too.

Over in the primary, Aramark Corp. raised the spread on its term loan E and adjusted offer price talk on the tranche as well as on its term loan F, and Viva Alamo LLC (Alamo Portfolio) upsized its term loan, set pricing at the tight end of talk and sweetened the call protection.

Also, CEC Entertainment Inc. lifted the size of its term loan; NXP BV downsized its loan and firmed the spread at the high end of guidance; Anaren Inc. trimmed the coupon on its first-lien loan; and Consolidated Aerospace Manufacturing LLC finalized pricing on its term loan at the low end of talk.

Additionally, International Lease Finance Corp., Arctic Glacier LLC, Dexter Axle Co., LANDesk Software and Hologic Inc. released price talk; Nine West Holdings Inc. disclosed structure on its deal; and Stuart Weitzman LLC emerged with timing on its credit facility launch.

CareCore tops OID

CareCore's credit facility hit the secondary market on Thursday, with the $315 million term loan quoted at par ½ bid, 101 offered, according to a market source.

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 991/2. There is 101 soft call protection for one year.

Recently, pricing on the term loan firmed at the tight end of the Libor plus 450 bps to 475 bps talk, the discount was moved from 99, the call protection was extended from six months and the MFN sunset was removed.

The company's $390 million credit facility (B2/B) also includes a $75 million revolver priced at Libor plus 450 bps, after firming the other day at the low end of the Libor plus 450 bps to 475 bps talk.

RBC Capital Markets, Fifth Third Bank and GE Capital Markets Inc. are leading the deal that will help fund the buyout of the company by General Atlantic LLC.

CareCore is a Bluffton, S.C.-based provider of specialty benefits management services.

PeroxyChem frees up

PeroxyChem's credit facility also broke, with the $135 million six-year first-lien term loan quoted at 98½ bid, according to a market source.

Pricing on the term loan is Libor plus 650 bps with a 1% Libor floor and it was sold at a discount of 98. There is 101 soft call protection for one year.

During syndication, the spread on the term loan was lifted from talk of Libor plus 500 bps to 525 bps.

The company's $155 million credit facility (B2/B+) also includes a $20 million five-year revolver.

Macquarie Capital is leading the deal that will be used to help fund the acquisition of FMC Corp.'s Peroxygens business by One Equity Partners for about $200 million.

Closing is expected this quarter, subject to regulatory approvals and customary conditions.

PeroxyChem is a supplier of hydrogen peroxide, persulfate products, peracetic acid and other eco-friendly specialty oxidants.

Aramark tweaks deal

In the primary, Aramark lifted pricing on its $1.4 billion term loan E due September 2019 to Libor plus 250 bps from Libor plus 225 bps and revised offer price talk to 99¾ to par from just par, while keeping the 0.75% Libor floor and 101 soft call protection for six months intact, according to a market source.

In addition, original issue discount talk on the company's $2.15 billion seven-year term loan F was modified to 99½ to 99¾ from just 993/4, the source said, adding that pricing is still Libor plus 250 bps with a 0.75% Libor floor and there is still 101 soft call protection for six months.

Unchanged were the C$95 million seven-year term loan talked at BA plus 275 bps to 300 bps with a 0.75% floor and a discount of 993/4, the £115 million seven-year term loan talked at Libor plus 325 bps to 350 bps with a 0.75% Libor floor and a discount of 991/2, and the €110 million seven-year term loan talked at Euribor plus 275 bps to 300 bps with a 0.75% floor and a discount of 991/2. All of these tranches have 101 soft call protection for six months as well.

Aramark lead banks

J.P. Morgan Securities LLC, Barclays, Goldman Sachs Bank USA, Wells Fargo Securities LLC and RBC Capital Markets are leading Aramark's new term loans (B1/BBB-).

Commitments were due at 5 p.m. ET on Thursday, the source added.

Aramark, a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel, will use the new term loans to refinance existing debt.

Viva Alamo reworked

Viva Alamo increased its seven-year covenant-light term loan B to $515 million from $500 million, firmed pricing at Libor plus 375 bps, the tight end of the 375 bps to 400 bps, extended the 101 soft call protection to one year from six months and changed the MFN sunset to 18 months from 12 months, a source said.

As before, the term loan has a 1% Libor floor and an original issue discount of 99.

The company's now $565 million senior secured credit facility (B1/BB-) also includes a $50 million five-year revolver.

Recommitments are due at noon ET on Friday. Allocations are expected thereafter, the source remarked.

Viva Alamo reduces equity

As a result of the additional term loan proceeds being raised, Viva Alamo trimmed the equity contribution for its buyout to $203 million from $218 million, the source added.

The company is being acquired by Blackstone from Centrica plc's North American subsidiary, Direct Energy, for $685 million.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are leading the credit facility.

Closing is expected this quarter, subject to customary regulatory approvals.

Viva Alamo is comprised of three Texas gas-fired power stations that have a combined capacity of 1,295 megawatts.

CEC upsizes

CEC Entertainment raised its seven-year covenant-light term loan B to $760 million from $725 million and decreased its bond offering to $255 million from $305 million, according to market sources.

Talk on the term loan is Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

The company's now $910 million credit facility (B1/B) also includes a $150 million five-year revolver.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the deal that will be used to help fund the buyout of the company by Apollo Global Management LLC for $54.00 per share in a transaction valued at about $1.3 billion, including the assumption of debt.

CEC using more cash

Sources said that the total amount of debt being used for the buyout decreased by $15 million since the company has $15 million more in cash on hand at close.

Completion of the buyout is subject to a minimum tender condition of more than 50% of the company's common shares, the receipt of the Federal Trade Commission's approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions.

CEC is an Irving, Texas-based operator of Chuck E. Cheese's family dining and entertainment stores.

NXP downsizes, firms terms

NXP cut its senior secured covenant-light term loan (Ba2/BB+) due March 4, 2017 to $400 million from $486 million using liquidity on its balance sheet and firmed pricing at Libor plus 200 bps, the high end of the Libor plus 175 bps to 200 bps talk, according to a market source.

As before, the term loan has a 0.75% Libor floor, a par offer price and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Thursday, the source said.

Barclays is leading the deal that will be used by the Eindhoven, Netherlands-based maker of semiconductors to reprice/refinance an existing $486 million term loan A-1 priced at Libor plus 325 bps with a 1.25% Libor floor.

Existing lenders will get paid out at the 101 call premium at closing, which is expected on March 5.

Anaren revised

Anaren lowered pricing on its $145 million seven-year first-lien term loan (B2/B+) to Libor plus 450 bps from Libor plus 475 bps, according to a market source, who said the 1% Libor floor, original issue discount of 99 and 101 soft call protection for one year were unchanged.

The company's $235 million senior secured facility also inlcudes a $20 million revolver (B2/B+), and a $70 million 71/2-year second-lien term loan (Caa2/CCC+) priced at Libor plus 825 bps with a 1% Libor floor and a discount of 99. The second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Recommitments are due at 3 p.m. ET on Friday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used with up to $155 million in equity to fund the buyout of the company by Veritas Capital for $28.00 per share in cash, or about $381 million.

Closing is subject to shareholder approval and customary regulatory and other conditions.

Anaren is a Syracuse, N.Y.-based designer, developer, manufacturer and seller of highly integrated microwave components, assemblies and subsystems.

Consolidated Aero sets spread

Consolidated Aerospace Manufacturing finalized pricing on its $225 million six-year term loan at Libor plus 400 basis points, the tight end of the Libor plus 400 bps to 425 bps talk, and kept the 1% Libor floor, original issue discount of 99½ and 101 soft call protection for six months unchanged, a market source said.

The company's $250 million senior secured credit facility also includes a $25 million five-year revolver.

RBS Citizens is leading the deal that will be used to fund an acquisition.

Consolidated Aerospace is a manufacturer of fittings, hardware and fastening solutions for the aircraft and aerospace industries.

International Lease guidance

Also in the primary, International Lease Finance held its call on Thursday, launching its $1 billion seven-year term loan B (Ba2/BBB-/BB) with talk of Libor plus 275 bps to 300 bps with a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 27, the source said.

Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used for general corporate purposes.

International Lease is a Los Angeles-based independent aircraft lessor.

Arctic Glacier sets talk

Arctic Glacier disclosed price talk on its $279 million first-lien covenant-light term loan due May 2019 a few hours before its 2 p.m. ET call kicked off, according to a market source.

The loan is talked at Libor plus 400 bps with a 1% Libor floor, the source said, and, as previously reported, is offered at par with 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor.

Lead bank, Credit Suisse Securities (USA) LLC, is asking for commitments by 5 p.m. ET on Feb. 20.

Arctic Glacier is a Winnipeg-based manufacturer and distributor of packaged ice.

Dexter Axle launches

Dexter Axle released talk of Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99½ for new money, a discount of 99¾ for old money and 101 soft call protection for six months on its $255 million term loan that launched with a meeting in the morning, a market source said.

The company's $280 million credit facility also includes a $25 million revolver.

Commitments are due on Feb. 25, the source added.

BNP Paribas Securities Corp. is leading the deal that will be used to refinance existing debt, including mezzanine debt.

Net senior and net total leverage is 3.9 times.

Dexter Axle is an Elkhart, Ind.-based manufacturer of trailer axles and trailer brakes.

LANDesk holds meeting

LANDesk Software held its bank meeting, at which time talk on its $380 million first-lien term loan and $130 million second-lien term loan emerged, according to a market source.

The first-lien term loan, which includes $50 million of add-on debt and $330 million of existing debt (Libor plus 425 with a 1% floor), is talked at Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99½ on new money, a par roll on existing commitments and 101 soft call protection for six months, the source said. Existing first-lien loan lenders are being offered a 12.5 bps amendment fee.

Meanwhile, talk on second-lien term loan is Libor plus 750 bps with a 1% Libor floor, an original issue discount of 99 and call protection of 102 in year one and 101 in year two, the source continued.

Jefferies Finance LLC is leading the deal for which commitments are due on Feb. 26.

Proceeds from the incremental debt will be used to fund a dividend.

LANDesk is a South Jordan, Utah-based provider of systems lifecycle management and endpoint security, as well as IT service management for desktops, servers and mobile devices.

Hologic repricing

Hologic launched the repricing of its $1,171,000,000 term loan B due August 2019 with talk of Libor plus 225 bps to 250 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for six months, according to sources.

The repricing will take the loan down from Libor plus 275 bps with a 1% Libor floor.

Goldman Sachs Bank USA is leading the deal.

Secured leverage is 2.2 times and total leverage is 4.5 times.

Hologic is a Bedford, Mass.-based provider of diagnostics products, medical imaging systems and surgical products.

Nine West structure

Nine West came out with tranching on its credit facility ahead of its 10:30 a.m. ET bank meeting in New York on Friday, with the deal now known to be sized at $720 million and include a $470 million term loan and a $250 million asset-based revolver, according to a market source.

The bank meeting time was pushed back from 9:30 a.m. ET due to poor weather, another source remarked.

Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and MCS Capital Markets LLC are leading the term loan, and Wells Fargo Securities LLC and Bank of America Merrill Lynch are leading the revolver.

In addition to the credit facility, the company is planning a $455 million senior unsecured bridge loan or senior notes.

Originally, filings with the Securities and Exchange Commission had the term loan sized at $400 million and the bridge loan/notes sized at $525 million, but the commitment letter was revised to shift some funds between the financings.

Nine West being acquired

Proceeds from Nine West's credit facility will be used to help fund the buyout of parent company Jones Group Inc. by Sycamore Partners for $15.00 per share in cash in a transaction valued at about $2.2 billion, including net debt.

With the buyout, Jones Group will transfer ownership of its Jones Apparel business, its Kurt Geiger business and its Stuart Weitzman business to separate Sycamore affiliates, leaving Jones Group to be comprised of the Nine West business and the Jeanswear business.

Closing is expected in the second quarter, subject to shareholder and regulatory approvals and other customary conditions.

Nine West is a designer, marketer and wholesaler of apparel, footwear and accessories.

Stuart Weitzman timing surfaces

Stuart Weitzman emerged with plans to hold a bank meeting at 9:30 a.m. ET on Wednesday to launch its previously announced $255 million senior secured credit facility, according to a market source.

The facility consists of a $35 million asset-based revolver and a $220 million term loan.

Jefferies Finance LLC and MCS Corporate Lending LLC are leading the term loan, and Wells Fargo Securities LLC is leading the revolver.

Proceeds will be used to help fund the buyout of the company by Sycamore Partners, which is subject to completion of the purchase of Stuart Weitzman's parent company, Jones Group Inc., by Sycamore.

Stuart Weitzman is a New York-based footwear and handbag company.

YRC closes

In other news, YRC Worldwide Inc. completed its $1.15 billion credit facility that includes a $450 million ABL revolver and a $700 million five-year senior secured term loan (Ba3/CCC+), a news release said.

Pricing on the term loan is Libor plus 700 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is soft call protection to 102 in year one and 101 in year two.

During syndication, the spread on the term loan was increased from Libor plus 675 bps and the call protection was changed from just 101 for one year.

Credit Suisse Securities (USA) LLC and RBS Citizens led the deal that was used to refinance existing bank debt.

YRC is an Overland Park, Kan.-based less-than-truckload carrier.

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