West, Hornblower, Tekni-Plex, Rocket break; Fleetpride, Loperex, Grosvenor and more updated

By Sara Rosenberg

New York, March 28 – West Corp. increased the size of its term loan B-1, lowered pricing, added a step-down, firmed the issue price at the midpoint of talk and tweaked the call protection, and Hornblower finalized the original issue discount on its term loan at the tight end of talk, and then both of these deals freed to trade on Wednesday.

Also, Tekni-Plex Inc. finalized the issue price on its incremental term loan at the tight end of guidance before hitting the secondary market during the session, and Rocket Software Inc.’s term loan debt broke as well.

In more happenings, Fleetpride (FPC Holdings Inc.) reworked first-and second-lien term loan sizes, spreads, floors, original issue discounts and call protection, Loparex International Holding BV trimmed pricing on its term loan and tightened the issue price, and Grosvenor Capital Management set the spread on its term loan B at the low side of talk and revised the original issue discount.

Furthermore, Trilliant Food & Nutrition firmed pricing on its term loan B at the wide side of talk, Wyndham Hotels & Resorts Inc. reduced the spread on its term loan B and adjusted the issue price, and McDermott International Inc. upsized its term loan.

Additionally, Filtration Group Corp. cut pricing on its U.S. term loan, firmed the spread on its euro term loan at the low end of guidance and tightened original issue discounts on both tranches, AssuredPartners Inc. lifted pricing on its term loan and updated issue prices, Coty Inc. shifted funds between its U.S. and euro term loans and set pricing at the wide side of guidance, and Altisource Holdings Sarl firmed the spread on its term loan at the high end of talk and extended the call protection.

And, Axalta Coating Systems Ltd., Transplace Holdings Inc. and Clarion Events (Comet Bidco Ltd.) released price talk with launch, and LegalShield and MKS Instruments Inc. joined the near-term calendar.

West reworked, trades

West Corp. raised its term loan B-1 due Oct. 10, 2024 to $700 million from $350 million, cut pricing to Libor plus 350 basis points from Libor plus 400 bps, added a 25 bps step-down at 3.5 times net secured leverage, firmed the original issue discount at 99.875, the middle of the 99.75 to par talk, and changed the call protection to a 101 soft call for six months from a 101 soft call through October 2018, according to a market source.

The term loan still has a 1% Libor floor.

Recommitments were due at 11 a.m. ET on Wednesday and then the term loan B-1 freed to trade with levels quoted at par bid, par ½ offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund the acquisition of the public relations and webcasting and webhosting products and services within Nasdaq Inc.’s Corporate Solutions business for about $335 million, and, due to the upsizing, to refinance 2021 secured notes.

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

West is an Omaha-based provider of communication and network infrastructure services.

Hornblower firms, tops OID

Hornblower set the original issue discount on its $330 million seven-year covenant-light first-lien term loan at 99.5, the tight end of the 99 to 99.5 talk, and left pricing at Libor plus 450 bps with a 1% Libor floor, a market source remarked.

The term loan still has 101 soft call protection for six months.

The company’s $390 million of credit facilities (B2/B+) also include a $60 million five-year revolver.

With final pricing in place, the term loan broke for trading and levels were seen at par bid, par ½ offered by late afternoon, another source added.

UBS Investment Bank and Barclays are the leads on the deal.

Proceeds will be used to help fund an investment in the company by Crestview Partners.

Hornblower is a San Francisco-based cruise and event company.

Tekni-Plex updated, breaks

Tekni-Plex finalized the issue price on its $126 million incremental covenant-light first-lien term loan (B-) due October 2024 at par, the tight end of the 99.75 to par talk, according to a market source.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 325 bps with a 25 bps leverage-based step-down and a 1% Libor floor.

The incremental loan is split between a $78 million drawn tranche, and a $48 million delayed-draw tranche with a ticking fee of half the margin from days 46 to 75 and the full margin thereafter.

Included in the incremental term loan is 101 soft call protection for six months.

After terms firmed up, the incremental loan made its way into the secondary market and levels were seen at par ¼ bid, par ¾ offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund tuck-in acquisitions.

Tekni-Plex is a King of Prussia, Pa.-based provider of specialty packaging solutions.

Rocket hits secondary

Rocket Software’s $85 million incremental first-lien term loan due October 2023 and repriced $667 million first-lien term loan due October 2023 began trading, with levels quoted at par bid, par ¾ offered, a market source said.

Pricing on the term loan debt (B1/BB-) is Libor plus 375 bps with a 1% Libor floor. The incremental loan was sold at an original issue discount of 99.75 and the repricing was issued at par. All of the debt has 101 soft call protection for six months.

During syndication, the spread on the term loan debt finalized at the low end of the Libor plus 375 bps to 400 bps talk and the discount on the incremental tranche was modified from 99.5.

Credit Suisse Securities (USA) LLC is leading the deal.

The incremental loan will be used to fund tuck-in acquisitions and the repricing will take the existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Rocket Software is a Waltham, Mass.-based software development firm.

Fleetpride restructured

Back in the primary market, Fleetpride upsized its covenant-light first-lien term loan B due Nov. 19, 2022 to $482 million from $447 million, raised pricing to Libor plus 450 bps from Libor plus 400 bps, increased the Libor floor to 1.25% from 0%, changed the original issue discount to 97 from 99.5 and extended the 101 soft call protection to one year from six months, a market source remarked.

Additionally, the company downsized its covenant-light second-lien term loan due May 19, 2023 to $175 million from $200 million, increased pricing to Libor plus 900 bps from Libor plus 800 bps, revised the Libor floor to 1.25% from 0%, widened the discount to 96 from 99, and modified the hard call protection to 103 in year one, 102 in year two and 101 in year three from a 101 hard call for one year, the source added.

Recommitments were due at 2 p.m. ET on Wednesday.

Bank of America Merrill Lynch is the left lead on the deal that will be used to refinance a $397 million first-lien term loan due 2019, a second-lien term loan due 2020 and borrowings under an asset-based revolver.

Fleetpride is an Irving, Texas-based distributor of aftermarket heavy-duty truck and trailer parts.

Loparex flexes

Loparex lowered pricing on its $320 million seven-year senior secured first-lien term loan to Libor plus 425 bps from Libor plus 450 bps and changed the original issue discount to 99.5 from 99, while leaving the 1% Libor floor and 101 soft call protection for six months intact, according to a market source.

The company’s $350 million of credit facilities (B2/B) also include a $30 million five-year revolver.

Recommitments were due at noon ET on Wednesday, the source said.

Jefferies LLC, ABN Amro and Rabobank are leading the deal that will be used to refinance existing bank debt and repay shareholder loans.

Loparex is a developer and producer of specialty release liner product solutions.

Grosvenor tweaked

Grosvenor Capital Management firmed pricing on its $466 million senior secured term loan B due March 2025 at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps talk, and moved the original issue discount to 99.75 from 99.5, a market source said.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday, the source added.

Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to amend and extend an existing term loan B due August 2023 and priced at Libor plus 300 bps with a 1% Libor floor.

Grosvenor Capital is a Chicago-based independent alternative asset management firm.

Trilliant sets spread

Trilliant Food & Nutrition firmed pricing on its $270 million covenant-light term loan B (B3/B-) due Sept. 22, 2024 at Libor plus 350 bps, the high end of the Libor plus 325 bps to 350 bps talk, according to a market source.

As before, the term loan has a 25 bps step-down if the corporate family rating is revised to B2/B or greater with at least a stable outlook, a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Blackstone is the sponsor.

Trilliant Food is a Little Chute, Wis.-based beverage company.

Wyndham changes emerge

Wyndham Hotels & Resorts cut pricing on its $1.6 billion seven-year covenant-light term loan B (Baa3/BBB-) to Libor plus 175 bps from Libor plus 200 bps and revised the issue price to par from 99.75, a market source remarked.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Also, the term loan has a ticking fee of half the spread from days 31 to 60 and the full spread thereafter.

Commitments were due at 4 p.m. ET on Wednesday and allocations are expected on Thursday.

Bank of America Merrill Lynch, Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., Bank of Nova Scotia, MUFG and U.S. Bank are leading the deal.

Wyndham funding acquisition

Proceeds from Wyndham’s term loan B will be used to help finance the acquisition of La Quinta Holdings Inc.’s hotel franchise and hotel management businesses for $1.95 billion in cash.

Stockholders of La Quinta will receive $8.40 per share in cash, about $1 billion in aggregate, and Wyndham will repay about $715 million of La Quinta debt net of cash and set aside a reserve of $240 million for estimated taxes expected to be incurred in connection with the taxable spinoff of La Quinta’s owned real estate assets into CorePoint Lodging Inc.

Closing is expected in the second quarter, subject to approval by La Quinta stockholders, regulatory and government approval and the satisfaction of other customary conditions.

Wyndham Hotels is a Parsippany, N.J.-based hotel franchisor.

McDermott upsizes

McDermott raised its seven-year first-lien term loan to $2.26 billion from a revised amount of $2.06 billion and an initial size of $2.15 billion, and removed the free and clear from the incremental allowance, a market source said.

Pricing on the term loan remained at Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99, and the loan still has 101 soft call protection for one year and a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

Previously in syndication, the spread on the term loan was lifted from talk in the range of Libor plus 400 bps to 425 bps, the discount was changed from 99.5, the call protection was extended from six months, a maximum total leverage covenant of 4.25 times with step-downs was added to the originally covenant-light term loan, a springing maturity was added to six months inside of the six-year notes with stipulations, the excess flow sweep was increased to 75% with step-downs from 50% with step-downs, and revisions were made to asset sale mandatory prepayments, movement of IP assets to non-loan parties, interest period, restricted payments, capital expenditure limitation and financial statements.

McDermott lead banks

Barclays, Credit Agricole, Goldman Sachs Bank USA, MUFG, ABN Amro, RBC Capital Markets and Standard Chartered are leading McDermott’s term loan.

Final commitments were due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance existing debt, to cash collateralize letters of credit and to pay related fees and expenses.

With the term loan upsizing, the company downsized its bond offering to $1.3 billion in notes from $1.5 billion.

Po forma first-lien net leverage is 0.8 times and total net leverage is 1.8 times.

McDermott is a Houston-based provider of integrated engineering, procurement, construction and installation, front-end engineering and design and module fabrication services for upstream field developments.

Filtration Group modified

Filtration Group lowered pricing on its $1,344,000,000 seven-year senior secured first-lien term loan B (B2/B) to Libor plus 300 bps from talk in the range of Libor plus 325 bps to 350 bps, set pricing on its €250 million seven-year senior secured first-lien term loan B (B2/B) at Euribor plus 350 bps, the low end of the Euribor plus 350 bps to 375 bps talk, and moved the original issue discount on both loans to 99.75 from 99.5, according to a market source.

The term loan debt still has a 0% floor and 101 soft call protection for six months.

Recommitments from U.S. investors were due at 5 p.m. ET on Wednesday and recommitments from euro investors are due at noon GMT on Thursday, the source added.

Goldman Sachs Bank USA and J.P. Morgan Securities LLC are leading the deal that will be used to fund mergers and acquisitions and to refinance existing debt.

Filtration Group is a Chicago-based manufacturer and distributor of filtration products to end markets.

AssuredPartners sets terms

AssuredPartners increased pricing on its $1,518,000,000 covenant-light term loan B (B2/B) due Oct. 22, 2024 to Libor plus 325 bps from Libor plus 300 bps, revised the issue price for new dollars to par from talk in the range of 99.75 to 99.875 and firmed the issue price for rolled dollars at par, the tight end of the 99.875 to par talk, a market source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Allocations are targeted for Thursday morning, the source added.

Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets and Macquarie Capital (USA) Inc. are leading the deal that will be used to reprice an existing term loan B, and the $250 million of incremental term loan debt being raised will be used to pay down borrowings under the existing revolving credit facility, fund acquisitions expected to be completed before the transaction closes and reset liquidity for future acquisitions.

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

Coty retranches

Coty upsized its U.S. seven-year term loan B to $1.4 billion from $1 billion and set pricing at Libor plus 225 bps, the high end of the Libor plus 200 bps to 225 bps talk, according to a market source.

Furthermore, the company downsized its euro seven-year term loan B to $1,046,000,000 equivalent from $1.5 billion equivalent and firmed the spread at Euribor plus 250 bps, the high end of the Euribor plus 225 bps to 250 bps talk, the source said.

As before, both term loans have a 0% floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Commitments were due at 5 p.m. ET on Wednesday and allocations are expected on Thursday, the source added.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to refinance existing debt.

The company is also getting about $1.5 billion in notes, downsized recently from $2 billion with the balance being made up by a revolver draw.

Coty is a New York-based beauty company.

Altisource revised

Altisource finalized pricing on its $414 million senior secured covenant-light term loan B due March 31, 2024 at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, extended the 101 soft call protection to one year from six months and reduced the incremental to $125 million, a market source remarked.

The term loan still has a 1% Libor floor and an original issue discount of 99.

The company’s $429 million of senior secured credit facilities (B3/B+) also include a $15 million five-year revolver.

Allocations are expected on Thursday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance an existing term loan B.

Total leverage is 3.3 times and net leverage is 2.1 times.

Altisource is a Luxembourg-based service provider and marketplace for the real estate and mortgage industries.

Axalta reveals talk

Axalta Coating Systems held its lender call on Wednesday, launching its $475 million add-on term loan B due June 1, 2024 and repricing of its existing $1.96 billion term loan B due June 1, 2024 at talk of Libor plus 175 bps with a 0% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on April 4, the source said.

Barclays and Deutsche Bank Securities Inc. are leading the deal.

The add-on will be used to refinance an existing €396 million term loan B due 2023 and the repricing will take the existing term loan down from Libor plus 200 bps with a 0% Libor floor.

Axalta is a Philadelphia-based manufacturer, marketer and distributor of high-performance coatings systems.

Transplace guidance

Transplace came out with talk of Libor plus 350 bps with a 1% Libor floor and 101 soft call protection for six months on its fungible $25 million add-on senior secured first-lien term loan (B-) due October 2024 and repricing of its existing $400 million senior secured first-lien term loan (B-) due October 2024 that launched with an afternoon call, a market source said.

Original issue discount talk on the add-on loan is 99.75 and the repricing is offered at par, the source added.

Commitments are due on April 6.

Goldman Sachs Bank USA is leading the deal.

The add-on term loan will be used to pay down $25 million of second-lien borrowings and the repricing will take the existing first-lien term loan down from Libor plus 425 bps with a 1% Libor floor.

Transplace is a Frisco, Texas-based provider of highly configurable transportation management solutions, with a complementary suite of specialized third-party logistics services.

Clarion comes to market

Clarion Events held a lender call at 9 a.m. ET on Wednesday to launch a fungible $230 million incremental covenant-light term loan B due October 2024 talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount in the 99 area and 101 soft call protection for six months, a market source remarked.

Commitments are due at 2 p.m. ET on April 6, the source added.

HSBC Securities (USA) Inc., Barclays, Natixis, Societe Generale and RBS are leading the deal that will be used to fund the acquisition of PennWell Group. RBS is the agent.

Blackstone is the sponsor.

Clarion is a London-based pure-play events organizers.

LegalShield on deck

LegalShield set a bank meeting for 10 a.m. ET in New York on Tuesday to launch $750 million of senior secured credit facilities, according to a market source.

The facilities consist of a $50 million revolver, a $550 million first-lien term loan and a $150 million second-lien term loan, the source said.

RBC Capital Markets, SunTrust Robinson Humphrey Inc., KKR Capital Markets, Capital One and BMO Capital Markets are leading the deal that will be used to help fund the buyout of the company by Stone Point Capital LLC from MidOcean Partners.

Closing is expected in the second quarter.

LegalShield is an Ada, Okla.-based provider of legal plans and identity theft solutions.

MKS readies deal

MKS Instruments will hold a lender call at 10 a.m. ET on Thursday to launch a $398.5 million first-lien term loan B due April 29, 2023, according to a market source.

Barclays is leading the deal that will be used to reprice an existing term loan B.

MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes.

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