P2 Energy, AmWINS start trading; Town Sports, Garda World Security, Virtu revisions surface

By Sara Rosenberg

New York, Oct. 30 - P2 Energy Solutions Inc. and AmWINS Group LLC freed up for trading on Wednesday, and Terex Corp. saw its U.S. term loan soften after a refinancing of the debt was launched to investors.

Moving to the primary market, Town Sports International LLC finalized pricing on its term loan at the low end of guidance and tightened the discount, Garda World Security Corp. revised its U.S. term loan size and pricing, and Virtu Financial (VFH Parent LLC) lifted the size of its first-lien term loan.

Additionally, Arby's (ARG IH Corp.), Northeast Wind Capital II LLC, GreenField Specialty Alcohols Inc. and Camping World Inc. released talk with launch, and Filtration Group Corp., Drew Marine, Generation Brands, World Kitchen LLC and RPI Finance Trust (Royalty Pharma) surfaced with deal plans.

P2 Energy breaks

P2 Energy's credit facility began trading on Wednesday, with both the $310 million seven-year first-lien term loan (B+) and the $160 million 71/2-year second-lien term loan (CCC+) quoted at par bid, according to a trader.

Pricing on the first-lien term loan is Libor plus 400 basis points with a step-down to Libor plus 375 bps when net first-lien leverage falls below 3.5 times. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at a discount of 991/2.

The second-lien term loan is priced at Libor plus 800 bps with a 1% Libor floor and was sold at 99. This tranche has call protection of 102 in year one and 101 in year two.

During syndication, the first-lien term loan was upsized from $295 million, pricing was cut from Libor plus 425 bps, the step-down was added and the discount firmed at the tight end of the 99 to 99½ talk, and the second-lien term loan was increased from $155 million, the spread was lowered from Libor plus 825 bps and the original issue discount was changed from 981/2.

The company's $500 million credit facility also includes a $30 million revolver (B+).

P2 funding buyout

Proceeds from P2 Energy's credit facility and equity will be used to fund its purchase by Advent International Corp. from Vista Equity Partners.

The amount of equity being used for the transaction was reduced as a result of the changes to the term loan sizes.

Jefferies Finance LLC is leading the credit facility.

Closing is expected by year-end, subject to customary conditions.

P2 is a Denver-based provider of software, geospatial data and land management tools to the upstream oil and gas industry.

AmWINS frees up

Another deal to begin trading was AmWINS' $175 million first-lien covenant-light tack-on term loan due September 2019, with levels quoted at par bid, par ½ offered, a trader remarked.

Pricing on the tack-on loan is Libor plus 375 bps with a 1.25% Libor floor, in line with the existing first-lien term loan, and there is 101 soft call protection for six months, which will apply to the entire first-lien tranche. The tack-on was sold at an original issue discount of 993/4, after tightening the other day from 991/2.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund an acquisition and refinance holdco PIK notes.

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

Terex dips

Also in trading, Terex's U.S. term loan slipped to par 3/8 bid, par 7/8 offered from par 5/8 bid, 101 offered as the company launched without a call a refinancing transaction, according to a trader.

Specifically, the company is looking to get a $343,221,505 term loan due April 2017 at Libor plus 300 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for one year, to replace the existing U.S. term loan priced at Libor plus 350 bps with a 1% Libor floor, a market source said.

In addition, the company is seeking a €113,474,156 term loan due April 2017 at Euribor plus 350 bps with a 0.75% floor, a par offer price and 101 soft call protection for one year, to refinance its existing euro term loan that is priced at Euribor plus 400 bps with a 1% floor.

Lead bank, Credit Suisse Securities (USA) LLC, is asking for commitments by Nov. 6, the source added.

Terex is a Westport, Conn.-based equipment manufacturer.

BWIC announced

A $100 million-plus Bid-Wanted-In-Competition emerged on Wednesday, with bids due at 11 a.m. ET on Friday, according to a market source.

Some of the names included in the portfolio are Aramark Corp., Bankruptcy Management Solutions Inc., Culligan International Co., Kinetic Concepts Inc., Las Vegas Sands LLC, Quality Home Brands Holdings LLC, United Subcontractors Inc. and Valeant Pharmaceuticals Inc.

There are about 60 issuers in the portfolio, the source added.

Town Sports updates pricing

Over in the primary, Town Sports firmed pricing on its $325 million seven-year term loan at Libor plus 350 bps, the tight end of the Libor plus 350 bps to 375 bps talk, and revised the original issue discount to 99½ from 99, according to a market source.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

The company's $370 million senior secured credit facility (Ba3/B+) also includes a $45 million five-year revolver.

Commitments are due on Thursday, the source added.

Deutsche Bank Securities Inc. and KeyBanc Capital Markets Inc. are leading the deal that will be used to refinance an existing $50 million revolver due May 11, 2016 and a roughly $315.7 million term loan due May 11, 2018.

Closing is expected to take place in mid-November.

Town Sports is a New York-based owner and operator of fitness clubs.

Garda modifies deal

Garda World Security raised its seven-year term loan B to $600 million from $525 million and lifted pricing to Libor plus 375 bps from Libor plus 325 bps, increased the spread on its C$150 million seven-year term loan B to BA plus 425 bps from BA plus 375 bps, and extended the 101 soft call protection on both tranches to one year from six months, according to a market source.

As before, both term loans have a 1% floor and an original issue discount of 991/2.

The company's now roughly $900 million senior secured credit facility (Ba3/B+) also includes a $150 million five-year revolver.

In addition, the company removed the MFN sunset provision, eliminated the $175 million dividend basket subject to liquidity of more than $75 million, reduced the general restricted payments basket to $10 million from $15 million, and agreed to hold quarterly financial update calls for lenders.

Recommitments are due at 4 p.m. ET on Thursday, the source said.

Garda lead banks

RBC Capital Markets, Bank of America Merrill Lynch, TD Securities (USA) LLC and Mizuho Securities USA Inc. are leading Garda's credit facility.

With the credit facility, the company is getting $425 million of notes, upsized from $300 million.

Proceeds will be used will be used to refinance existing credit facility debt and senior unsecured notes due 2017, fund the C$110 million acquisition of G4S Cash Solutions, and, due to the changes in the debt sizes, to fund a dividend.

Closing on the acquisition is expected before the end of this year, subject to customary conditions including regulatory approvals.

Garda is a Montreal-based provider of business solutions and security services. G4S Cash is a provider of risk management and secure transit of valuables such as currency, diamonds, jewelry and more.

Virtu upsizes

Virtu Financial raised its six-year first-lien term loan to $510 million from $405 million and will now fund a one time dividend with the proceeds in addition to refinancing an existing term loan, according to a market source.

Talk on the loan is still Libor plus 450 bps with a step-down to Libor plus 400 bps at the later of Feb. 5, 2014 and an initial public offering resulting in at least $100 million of proceeds.

The 1.25% Libor floor, original issue discount of 99½ and 101 soft call protection for one year were also unchanged.

Credit Suisse Securities (USA) LLC is leading the deal for which commitments are due at 5 p.m. ET on Monday.

Virtu is a New York-based electronic market maker and financial technology developer.

Arby's talk emerges

In more primary news, Arby's held its bank meeting on Wednesday morning, and shortly before the event kicked off, talk on the $335 million seven-year first-lien term loan came out at Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

As previously reported, the term loan has 101 soft call protection for one year.

The company's $370 million credit facility (B) also includes a $35 million five-year revolver.

Commitments are due on Nov. 13.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are leading the deal that will be used to fund a dividend to shareholders.

Arby's is an Atlanta-based quick-service sandwich chain.

Northeast reveals guidance

Northeast Wind Capital launched during the session its $315 million seven-year senior secured term loan B with talk of Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99 and call protection of non-callable for one year then at 102 in year two, according to a market source.

Commitments are due on Tuesday, the source said.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BNP Paribas Securities Corp., KeyBanc Capital Markets LLC, Union Bank, CIT Group and ICBC are leading the loan that will be used to refinance existing debt.

This is the relaunch of the company's loan that came to market in July but was pulled in August.

The July deal was a $325 million seven-year senior secured term loan B talked at Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Northeast Wind Capital, the owner of a portfolio of wind projects, is a joint venture between First Wind Holdings and Emera Inc. First Wind owns 51% of the portfolio and Emera owns the remaining 49%.

GreenField comes to market

GreenField Specialty Alcohols launched its $182 million five-year term loan B with talk of Libor plus 600 bps to 625 bps with a 1.25% Libor floor, an original issue discount of 98 and call protection of non-callable for one year, then at 103 in year two and 101 in year three, according to a market source.

Commitments are due on Nov. 15, the source said.

In addition to the term loan B, the company is getting a C$20 million revolver.

Goldman Sachs Bank USA and Scotia Capital (USA) Inc. are leading the credit facility (B2/BB) that will be used to refinance existing debt.

GreenField is a Toronto-based producer of industrial and beverage alcohol, fuel ethanol and distillers' grains.

Camping World pricing

Camping World set talk of Libor plus 450 bps to 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $525 million term loan B (B+) that launched to investors, according to a market source.

Commitments are due on Nov. 13, the source said.

Goldman Sachs Bank USA and Barclays are leading the deal that will be used to refinance existing debt.

Camping World is a supplier of RV parts, supplies and accessories.

Glencoe launches

Glencoe Principal Holdings held its bank meeting in the morning, and told investors that commitments for its $200 million credit facility are due on Nov. 13, according to a market source.

As reported earlier, the facility consists of a $25 million five-year revolver (B2/B+), a $130 million six-year first-lien term loan (B2/B+) talked at Libor plus 525 bps to 550 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and a $45 million seven-year second-lien term loan (Caa2/CCC+) talked at Libor plus 900 bps with a 1% Libor floor, a discount of 98½ and call protection of 102 in year one and 101 in year two.

Macquarie Capital is the arranger on the deal that will be used to refinance existing subsidiary debt, acquire certain outstanding equity interests held by third parties other than Glencoe Principal Holdings and management, and fund a distribution to sponsor Glencoe Capital.

Co-borrowers under the credit facility are subsidiaries Dixie Chemical, a Pasadena, Texas-based manufacturer of high-purity chemicals, complex compounds and chemical intermediates, Child Development Schools, a Columbus, Ga.-based for-profit preschool education and early care provider, and Polyair Corp., a Toronto-based manufacturer and marketer of protective packaging products.

Filtration coming soon

Filtration Group scheduled a bank meeting for Monday to launch an $875 million credit facility that will be used to help fund the acquisition of Porex Corp. from Aurora Capital Group, according to a market source.

The facility consists of a $75 million five-year revolver, a $565 million seven-year covenant-light first-lien term loan B and a $235 million eight-year covenant-light second-lien term loan, the source said.

Goldman Sachs Bank USA and BMO Capital Markets are leading the deal.

Filtration Group is a Chicago-based developer, designer and manufacturer of liquid, air and fluid filtration solutions. Porex is a Fairburn, Ga.-based developer, manufacturer and distributor of porous polymer products.

Drew Marine on deck

Drew Marine set a bank meeting for Monday to launch a $335 million credit facility that is being led by BNP Paribas Securities Corp., according to a market source.

The facility consists of a $50 million revolver, a $205 million first-lien term loan and an $80 million second-lien term loan, the source said.

Proceeds will fund the acquisition of Drew Marine and ACR Electronics Inc. by the Jordan Co. from J.F. Lehman.

Drew Marine is a Whippany, N.J.-based provider of technical solutions and services to the marine industry. ACR is a Fort Lauderdale, Fla.-based provider of safety products to the aviation, marine, military and commercial markets.

Generation readies loans

Generation Brands will host a bank meeting at noon ET on Tuesday to launch $270 million in debt comprised of a $160 million 41/2-year first-lien term loan B, a $70 million five-year second-lien term loan and a $40 million six-year holdco term loan, according to a market source.

All in yield talk on the term loan B is 8% including an original issue discount of 99, second-lien loan all in talk is 12¼% including a discount of 98, and holdco loan all in talk if 16¾% including 6% PIK and a discount of 97, the source said.

In addition, the term loan B has 101 soft call protection for six months, the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three, and the holdco loan has call protection of T+50 in year one, 108 in year two, 104 in year three and 102 in year four.

Wells Fargo Securities LLC is leading the deal.

Proceeds will be used by the lighting company to refinance existing debt.

World Kitchen preps deal

World Kitchen LLC scheduled a call for 10:30 a.m. ET on Friday to launch a $62 million add-on term loan, according to a market source.

BMO Capital Markets is leading the deal that will be used to fund a dividend and add cash to the balance sheet.

World Kitchen is a Rosemont, Ill.-based manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products.

RPI Finance plans call

RPI Finance Trust set a call for Thursday for credit facility lenders, according to a market source, who said the purpose of the call has not been revealed but speculation is that it might be for a repricing.

Bank of America Merrill Lynch, Goldman Sachs Bank USA and J.P. Morgan Securities LLC are leading the deal.

RPI Finance is a New York-based acquirer of royalty interests in marketed and late-stage biopharmaceutical products.

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