TTM Technologies tweaks deal; EaglePicher accelerates timing; multiple deals come to market

By Sara Rosenberg

New York, Feb. 20 – In the primary market on Tuesday, TTM Technologies Inc. modified the original issue discount on its add-on term loan B, and EaglePicher Technologies LLC accelerated the commitment deadline on its credit facilities.

Furthermore, Flora Food Group (currently Unilever spreads), Solera LLC, Asurion LLC, Genesys (GenesysTelecommunications Laboratories Inc.), Sabre GLBL Inc., American Rock Salt Co. LLC, DiversiTech Holdings Inc., Sky Betting & Gaming, Terex Corp., Air Canada, Zayo Group LLC and Columbus McKinnon Corp. released price talk with launch.

In addition, Genex Services, KIK Custom Products Inc., Crestwood Holdings LLC, Polyconcept and Goodyear Tire & Rubber Co. emerged with new deal plans.

TTM revises discount

TTM Technologies changed on Tuesday the original issue discount on its $600 million add-on term loan B due Sept. 28, 2024 to 99.75 from 99.5, according to a market source.

The loan is still priced at Libor plus 250 basis points with a 0% Libor floor and still has 101 soft call protection for six months.

Previously in syndication, the add-on loan was upsized from $300 million.

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

Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the roughly $775 million acquisition of Anaren Inc. from Veritas Capital.

Closing is expected in the first half of this year, subject to customary conditions and regulatory approvals.

TTM is a Costa Mesa, Calif.-based printed circuit board manufacturer. Anaren is a Syracuse, N.Y.-based designer and manufacturer of high-frequency RF and microwave microelectronics, components and assemblies for the space, defense and telecommunications sectors.

EaglePicher moves deadline

EaglePicher accelerated the commitment deadline on its $615 million of senior secured credit facilities to noon ET on Friday from 5 p.m. ET on Feb. 27, a market source remarked.

The facilities consist of a $50 million five-year revolver (B-), a $405 million seven-year first-lien term loan (B-) and a $160 million eight-year second-lien term loan (CCC).

Talk on the first-lien term loan is Libor plus 325 bps to 350 bps with one 25 bps leverage-based step-down, a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 725 bps with a 0% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

Jefferies LLC, Barclays and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by GTCR from Apollo Global Management LLC.

Closing is expected this quarter.

EaglePicher is a St. Louis-based provider of mission-critical power and energy solutions for high-value applications within the defense, aerospace and medical end markets.

Flora discloses guidance

Also in the primary market, Flora Food Group revealed price talk on its €4.6 billion equivalent of credit facilities (B1/B+/BB-) that will launch with a bank meeting in New York at 10 a.m. ET on Wednesday but already launched to European investors with a bank meeting in London on Monday, a market source said.

The €700 million 6.5-year revolver is talked at Euribor plus 300 bps, the €600 million equivalent U.S. dollar seven-year first-lien term loan is talked at Libor plus 325 bps, the €2 billion seven-year first-lien term loan is talked at Euribor plus 350 bps, the €500 million equivalent Polish zloty seven-year first-lien term loan is talked at W+350 bps and the €800 million equivalent British pound sterling seven-year first-lien term loan is talked at Libor plus 400 bps, the source continued.

All of the tranches have a 0% floor, and all of the term loans are talked with an original issue discount of 99.5 as well as 101 soft call protection for six months and are covenant-light.

Flora funding acquisition

Flora Food’s credit facilities will be used to help fund the acquisition of Unilever’s spreads business by KKR for €6,825,000,000 on a cash-free, debt-free basis and to refinance existing debt.

Credit Suisse, Deutsche Bank and KKR are the physical bookrunners on the deal. Bookrunners are BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, Societe Generale and UniCredit. Mandated lead arrangers include Commerzbank, mBank, Mediobanca, Rabobank and Raiffeisen.

Commitments are due on March 6.

Closing is expected by mid-year, subject to certain regulatory approvals and employee consultation in certain jurisdictions.

Flora Food is a butter and margarine company.

Solera details emerge

Solera held its call in the morning, launching a $1,771,000,000 term loan B due March 3, 2023 talked at Libor plus 275 bps with a 0% Libor floor and a €634 million term loan B due March 3, 2023 talked at Euribor plus 325 bps with a step-down to Euribor plus 300 bps at 6.75 times total net leverage and a 0% floor, a market source remarked.

Both loans have a par issue price and 101 soft call protection for six months.

Commitments are due at noon ET on Friday, the source added.

Nomura, Jefferies LLC, KKR Capital Markets and Macquarie Capital (USA) Inc. are leading the deal that will be used to reprice an existing U.S. term loan down from Libor plus 325 bps with a 1% Libor floor and an existing euro term loan from Euribor plus 300 bps with a 0.75% floor.

Solera is a Westlake, Texas-based provider of risk and asset management software services to the automotive and property marketplace.

Asurion refinancing

Asurion launched without a lender call a $3,338,000,000 covenant-light term loan B due Nov. 3, 2023 at talk of Libor plus 275 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be to refinance/reprice an existing term loan B.

Asurion is a Nashville-based provider of technology protection services.

Genesys comes to market

Genesys surfaced early in the day with intentions to host a lender call at noon ET to launch a $1.58 billion covenant-light term loan B due Dec. 1, 2023 and a €528 million covenant-light term loan B due Dec. 1, 2023 talked at Libor/Euribor plus 325 bps with a 0% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Bank of America Merrill Lynch and Citigroup Global Markets Inc. are leading the deal that will be used to reprice existing U.S. and euro term loans.

Genesys is a Daly City, Calif.-based provider of omnichannel customer experience and contact center solutions.

Sabre shops loan

Sabre launched without a call a $1,881,000,000 covenant-light term loan B due Feb. 22, 2024 talked at Libor plus 200 bps with a 0% Libor floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Friday, the source added.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, JPMorgan Chase Bank, Mizuho, Morgan Stanley Senior Funding Inc., PNC and Wells Fargo Securities LLC are leading the deal that will be used to refinance/reprice an existing term loan B priced at Libor plus 225 bps with a 0% Libor floor.

Sabre is a Southlake, Texas-based online travel company.

American Rock guidance

American Rock Salt held its call in the afternoon, launching its $410 million first-lien term loan (B3/B) at talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due on March 6, the source said.

Citizens Bank is leading the deal that will be used to refinance existing debt.

American Rock Salt is a Mount Morris, N.Y.-based salt mine operator.

DiversiTech sets talk

DiversiTech released talk of Libor plus 300 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its fungible $25 million add-on first-lien term loan and repricing of its existing $323.4 million first-lien term loan due June 2024 a few hours before its afternoon lender call kicked off, a market source said.

Commitments are due at noon ET on Friday, the source added.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Societe Generale are leading the term loan debt (B2/B+).

The add-on term loan will be used for general corporate purposes and the repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

DiversiTech is a Duluth, Ga.-based manufacturer of components and products related to the heating, ventilating, air conditioning and refrigeration industry.

Sky Betting launches

Sky Betting & Gaming held a call in the morning to launch a $448 million senior secured term loan B due July 2024 talked at Libor plus 275 bps to 300 bps with a 25 bps step-down post an initial public offering, a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

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

Goldman Sachs Bank USA, Barclays and NatWest Markets are leading the deal that will be used to reprice an existing U.S. term loan down from Libor plus 325 bps with a 0% Libor floor.

The company is also seeking an amendment to its credit agreement to help facilitate a potential IPO process and, post IPO, to reset basket sizes, incurrence based covenants and provide operational flexibility.

The company’s existing £475 million senior secured term loan B due July 2024 is expected to be refinanced at the time of the IPO.

Sky Betting, a CVC portfolio company, is an online betting and gaming company, operating predominately in the United Kingdom with recent expansion to Italy and Germany.

Terex holds call

Terex emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $397 million covenant-light first-lien term loan (Ba1/BBB-) due Jan. 31, 2024 talked at Libor plus 200 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Friday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 225 bps with a 0.75% Libor floor.

Terex is a Westport, Conn.-based lifting and material handling solutions company.

Air Canada repricing

Air Canada launched a $798 million term loan B due October 2023 talked at Libor plus 200 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 225 bps with a 0.75% Libor floor.

Air Canada is a Montreal-based airline company.

Zayo seeks add-on

Zayo Group held a call in the afternoon to launch a fungible $150 million add-on term loan B-2 due 2024 talked at Libor plus 225 bps with a 1% Libor floor and an original issue discount of 99.875 to par, a market source said.

Commitments are due at noon ET on Thursday, the source added.

JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund acquisitions and for general corporate purposes.

Zayo is a Boulder, Colo.-based provider of communications infrastructure services.

Columbus McKinnon launches

Columbus McKinnon launched during the session a $390.5 million term loan B due 2024 talked at Libor plus 250 bps to 275 bps with a 1% Libor floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Friday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 300 bps with a 1% Libor floor.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of material handling products, technologies and services.

Genex plans meeting

Genex Services will hold a bank meeting on Wednesday to launch $535 million of credit facilities, a market source said.

The facilities consist of a $50 million five-year revolver, a $365 million seven-year first-lien term loan B talked at Libor plus 325 bps with a 0% Libor floor and a $120 million eight-year second-lien term loan talked at Libor plus 700 bps with a 0% Libor floor, the source continued.

Original issue discount talk and call premiums are expected to be announced at the bank meeting.

SunTrust Robinson Humphrey Inc., RBC Capital Markets, Capital One, Fifth Third Bank and KKR Capital Markets are leading the deal, with SunTrust left on the first-lien loan and RBC left on the second-lien loan.

The credit facilities will be used to help fund the buyout of the company by Stone Point Capital LLC from Apax Partners.

Closing is expected in the first quarter.

Genex is a Wayne, Pa.-based provider of cost containment services to the workers’ compensation, disability and auto industries.

KIK joins calendar

KIK Custom Products set a lender call for 11 a.m. ET on Wednesday to launch an $804.4 million term loan B due May 15, 2023, according to a market source.

Barclays, BMO Capital Markets, Nomura, Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to reprice an existing term loan B and extend the maturity by about nine months.

KIK is a Concord, Ont.-based manufacturer of consumer products.

Crestwood coming soon

Crestwood Holdings set a lender call for 10 a.m. ET on Wednesday to launch a $350 million senior secured term loan B, a market source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance existing debt.

Crestwood is a Houston-based company focused on natural gas storage.

Polyconcept on deck

Polyconcept scheduled a lender call for 10 a.m. ET on Wednesday to launch an add-on term loan and repricing of its existing term loan, a market source remarked.

Goldman Sachs Bank USA is leading the deal.

Polyconcept is a supplier of decorated promotional products.

Goodyear readies deal

Goodyear will hold a lender call on Wednesday to launch a $400 million eight-year second-lien term loan (BBB-) talked at Libor plus 175 bps to 200 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on March 2, the source said.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing second-lien term loan.

Goodyear is an Akron, Ohio-based tire company.

Masergy second-lien allocates

In other news, Masergy Communications Inc. allocated its $120 million second-lien term loan on Tuesday, according to a market source.

Pricing on the second-lien term loan is Libor plus 750 bps with a 1% Libor floor and it was issued at par. The debt has 101 hard call protection for 18 months.

The company already allocated on Friday its fungible $25 million add-on first-lien term loan (B2/B) and repriced $344 million (B2/B) senior secured first-lien term loan that are priced at Libor plus 325 bps with a 1% Libor floor and were issued at par. The first-lien term loan debt has 101 soft call protection for six months.

During syndication, pricing on the first-lien term loan debt firmed at the low end of the Libor plus 325 bps to 350 bps talk, and the floor on both term loans was revised from 0%.

Masergy lead banks

Antares Capital and Jefferies LLC are leading Masergy’s term loans, with Antares left on the second-lien and Jefferies left on the first-lien.

The add-on loan will be used to repay $20 million of the second-lien term loan to bring the balance to $120 million from $140 million currently and for fees, expenses and accrued interest in connection with the transaction, the first-lien term loan repricing will take the existing loan down from Libor plus 375 bps with a 1% Libor floor, and the second-lien loan repricing will take the existing loan down from Libor plus 850 bps with a 1% Libor floor.

Masergy is a Plano, Texas-based provider of hybrid networking, managed security and cloud communications solutions.

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