Tibco, FleetCor, Leidos free up; LANDesk, Travel Leaders, NRG, SunGard, Gemini set changes

By Sara Rosenberg

New York, Jan. 18 – Tibco Software Inc. and FleetCor Technologies Inc. saw their repriced term loans begin trading on Wednesday after pricing on both deals firmed at the low end of talk, and Leidos Innovations Corp. moved up the commitment deadline on new money commitments for its term loan B, allowing the debt to hit the secondary market by late day.

In more happenings, LANDesk Software Group Inc. moved some funds from its second-lien term loan to its first-lien term loan and updated pricing on the debt, and Travel Leaders Group LLC increased the size of its term loan and tightened the spread and issue price.

Also, NRG Energy Inc. changed the issue price on its term loan B, SunGard Public Sector upsized its first-lien term loan, lowered spreads on its first-and second-lien term debt, and tightened the issue price on its second-lien tranche, and Gemini HDPE LLC reduced pricing on its term loan B.

Furthermore, TKC Holdings Inc., BJ’s Wholesale Club Inc., Onvoy LLC, Array Canada Inc., Caliber Collision, Builders FirstSource Inc., Acelity LP Inc., Continental Building Products Operating Co. LLC, Time Manufacturing Co. and Electrical Components International Inc. released additional details on their new deals with launch.

In addition, Lionbridge Technologies Inc. came out with timing on the bank meeting for its credit facility, and Pilot Travel Centers LLC, Ravago Holdings America Inc. and Telesat Canada joined this week’s calendar.

Tibco frees up

Tibco Software’s repriced $1,641,000,000 term loan B started trading on Wednesday morning, with levels quoted at par 3/8 bid, par 7/8 offered, according to a market source.

The loan is priced at Libor plus 450 basis points, after firming at the tight side of the Libor plus 450 bps to 475 bps talk, the source said. Included in the debt is a 1% Libor floor and 101 soft call protection for six months, and it was issued at par.

Jefferies Finance LLC and KKR Capital Markets are leading the deal that will be used to reprice an existing term loan B from Libor plus 550 bps with a 1% Libor floor.

The source said that all existing lenders rolled into the repriced term loan B.

Tibco is a Palo Alto, Calif.-based infrastructure and business intelligence software company.

FleetCor hits secondary

FleetCor Technologies finalized pricing on its $246 million term loan B at Libor plus 225 bps, the low end of the Libor plus 225 bps to 250 bps talk, and then the debt broke for trading, with levels quoted at par ¼ bid, 101 offered, a trader remarked.

The term loan has no Libor floor and 101 soft call protection for six months and was issued at par.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan down from Libor plus 300 bps with a 0.75% Libor floor.

FleetCor is a Norcross, Ga.-based provider of specialized payment products and services, including fleet cards, food cards and corporate lodging discount cards for businesses.

Leidos shuts early, breaks

Leidos Innovations accelerated the commitment deadline on new money commitments for its $1,131,000,000 senior secured covenant-light term loan B (Ba1/BBB-) due Aug. 16, 2023 to noon ET on Wednesday from 5 p.m. ET on Wednesday, according to a market source.

By late day, the loan freed up for trading at par 3/8 bid, par ¾ offered and then moved up to par 5/8 bid, 101 offered, another source added.

Pricing on the loan is Libor plus 225 bps with no Libor floor and a par issue price, and the debt has 101 soft call protection for six months.

Citigroup Global Markets Inc., MUFG, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Scotiabank, Wells Fargo Securities LLC, PNC Capital Markets, SunTrust Robinson Humphrey Inc. and US Bank are leading the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with no Libor floor.

Closing is expected on Feb. 16.

Leidos is a Reston, Va.-based provider of technology and sector expertise to customers in national security, health and engineering.

CityCenter holds steady

Also in trading, CityCenter Holdings LLC’s $1,242,000,000 covenant-light term loan B was seen at par ½ bid, 101 offered, unchanged from where it freed up on Tuesday, according to a trader.

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.

Bank of America Merrill Lynch is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 325 bps with a 1% Libor floor.

CityCenter is the owner and operator of a mixed-use development located on the Las Vegas Strip.

LANDesk revises deal

Over in the primary market, LANDesk lifted its seven-year covenant-light first-lien term loan to $825 million from $800 million, set pricing at Libor plus 425 bps, the low end of revised talk of Libor plus 425 bps to 450 bps, and down from initial talk of Libor plus 475 bps to 500 bps, and modified the original issue discount to 99.5 from 99, a market source said. This tranche still has a 1% Libor floor and 101 soft call protection for six months.

With the first-lien term loan upsizing, the eight-year covenant-light second-lien term loan was scaled back to $200 million from $225 million, the source continued, and the spread firmed at Libor plus 900 bps, the tight end of the Libor plus 900 bps to 925 bps talk. The loan still has a 1% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two.

The company’s $1.1 billion senior secured credit facility also includes a $75 million five-year revolver, and pricing on this tranche was reduced to Libor plus 425 bps from talk of Libor plus 475 bps to 500 bps.

Another change made was that the MFN sunset was removed.

Recommitments were due at 4 p.m. ET on Wednesday, and allocations are expected on Thursday, the source added.

LANDesk lead banks

Morgan Stanley Senior Funding Inc., Barclays, Jefferies Finance LLC, Golub Capital LLC, Macquarie Capital Inc. and Nomura Securities International are leading LANDesk’s credit facility.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from Thoma Bravo and to refinance existing debt.

In connection with the transaction, Clearlake will contribute its portfolio company HEAT Software, a Milpitas, Calif.-based provider of Cloud Service Management and Unified Endpoint Management software solutions, to the new platform investment in LANDesk.

Closing is expected this month.

LANDesk is a Salt Lake City-based user-centered IT management company.

Travel Leaders modified

Travel Leaders Group upsized its seven-year covenant-light first-lien term loan B to $435 million from $400 million, lowered pricing to Libor plus 525 bps from talk of Libor plus 550 bps to 575 bps and changed the original issue discount to 99.5 from 99, according to a market source.

The term loan B still has no Libor floor and 101 soft call protection for six months.

The company’s now $460 million senior secured credit facility also includes a $25 million five-year revolver.

Recommitments were due at 5 p.m. ET on Wednesday and allocations are expected on Thursday.

Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the deal that will be used to refinance existing debt, for general corporate purposes and for certain acquisitions, and the additional proceeds from the term loan B upsizing will add cash to the balance sheet, the source added.

Travel Leaders is a Plymouth, Minn.-based travel agency.

NRG tweaks issue price

NRG Energy tightened the issue price on its $1.89 billion covenant-light first-lien term loan B (Baa3/BB+) due June 2023 to par from 99.875, a market source said.

The loan is still priced at Libor plus 225 bps with a 0.75% Libor floor and has 101 soft call protection for six months.

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

Credit Suisse Securities (USA) LLC, Barclays and Citigroup Global Markets Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with a 0.75% Libor floor.

NRG is a power producer with headquarters in Princeton, N.J., and Houston.

SunGard Public reworked

SunGard Public Sector raised its covenant-light first-lien term loan to $290 million from $275 million and trimmed pricing to Libor plus 425 bps from talk of Libor plus 450 bps to 475 bps, while leaving the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, a market source remarked.

As for the company’s $120 million covenant-light second-lien term loan, pricing was cut to Libor plus 850 bps from Libor plus 875 bps, and the original issue discount was changed to 99 from 98.5, the source continued. This tranche still has a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.

Additionally, the MFN sunset provision was eliminated.

The company’s now $450 million credit facility also includes a $40 million revolver.

Commitment confirmations are due by 5 p.m. ET on Thursday.

SunGard being acquired

Proceeds from SunGard Public Sector’s credit facility will be used to help fund its buyout by Vista Equity Partners from Fidelity National Information Services.

Due to the first-lien term loan upsizing, the equity for the transaction was reduced by $9 million and balance sheet cash was increased by $6 million, the source added.

Antares Capital and Golub Capital are leading the debt.

Closing on the credit facility is targeted for Tuesday.

The transaction does not include the Sungard Education business that is concurrently being acquired by Vista-owned PowerSchool Group LLC from Fidelity National.

SunGard Public Sector is a Lake Mary, Fla.-based provider of mission-critical software solutions that serve the needs of public administration and public safety officials.

Gemini cuts spread

Gemini HDPE lowered pricing on its $411 million term loan B due Aug. 7, 2021 to Libor plus 300 bps from talk of Libor plus 325 bps, according to a market source.

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

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

Barclays is leading the deal that will be used to reprice an existing term loan from Libor plus 375 bps with a 1% Libor floor.

Gemini HDPE is a bimodal, high-density polyethylene plant in Texas.

TKC details announced

TKC Holdings held its bank meeting on Wednesday, and with the event, structure and price talk was disclosed on its $1.4 billion credit facility, according to a market source.

The facility consists of a $50 million revolver (B1/B), a $1.05 billion six-year first-lien term loan (B1/B) talked at Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and a $300 million seven-year second-lien term loan (Caa1/CCC+) talked at Libor plus 825 bps to 850 bps with a 1% Libor floor, a discount of 98 and call protection of 102 in year one and 101 in year two, the source said.

Commitments are due on Jan. 31.

Jefferies Finance LLC and KKR Capital Markets are leading the deal that will be used to refinance existing debt and fund a distribution to shareholders, with Jefferies left on the first-lien and KKR left on the second-lien.

TKC is a St. Louis-based provider of commissary, food service and related technology products to the corrections industry and a provider of in-room coffee service to hotels and motels.

BJ’s releases talk

BJ’s Wholesale Club disclosed price talk on its $1.85 billion seven-year covenant-light term loan B (B-) and a $600 million eight-year covenant-light second-lien term loan (CCC) in connection with its lender call on Wednesday, a market source remarked.

The first-lien term loan is talked at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor, a discount of 98 and hard call protection of 102 in year one and 101 in year two, the source added.

Commitments are due on Jan. 27.

Nomura and Jefferies Finance LLC are leading the deal, with Nomura left on the first-lien and Jefferies left on the second-lien.

Proceeds will be used to refinance existing debt and fund a dividend.

BJ’s is a Westborough, Mass.-based operator of warehouse clubs.

Onvoy reveals guidance

Onvoy came out with talk of Libor plus 500 bps with a 1% Libor floor and an original issue discount of 98.5 on its $500 million seven-year covenant-light first-lien term loan that launched with a morning bank meeting, a market source said. The term loan has 101 soft call protection for six months.

The company’s $535 million credit facility (B1/B+) also includes a $35 million revolver.

Commitments are due at 5 p.m. ET on Jan. 30.

Credit Suisse Securities (USA) LLC and Regions Bank are leading the deal that will be used with a $180 million privately placed second-lien term loan (CCC+) and equity to fund Onvoy’s merger with Inteliquent Inc. that will take place in connection with Inteliquent’s buyout by GTCR LLC for $23.00 in cash per share, or about $800 million.

Closing is expected this quarter, subject to Inteliquent stockholder approval, regulatory approvals and other customary conditions.

Onvoy is a Plymouth, Minn.-based communications enabler. Inteliquent is a Chicago-based interconnection partner for communications service providers.

Array terms surface

Array Canada held its bank meeting on Wednesday, launching its $275 million six-year first-lien term loan and $45 million delayed-draw six-year term loan with price talk of Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $360 million credit facility also includes a $40 million five-year revolver.

Commitments are due on Feb. 1, the source added.

UBS Investment Bank, BMO Capital Markets and TD Securities (USA) LLC are leading the deal that will be used to refinance debt and fund a dividend.

The Carlyle Group is the sponsor.

Array is a Toronto-based provider of retail merchandising displays and store fixtures to the cosmetics industry.

Caliber sets structure, talk

Caliber Collision launched at its lender meeting on Wednesday a $1,165,000,000 credit facility that consists of a $115 million revolver (B1/B+), a $750 million seven-year first-lien term loan (B1/B+), a $50 million delayed-draw seven-year first-lien term loan (B1/B+) and a $250 million eight-year second-lien term loan (Caa1/CCC+), according to a market source.

Talk on the first-lien term loan debt is Libor plus 350 bps with a 1% 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 775 bps to 800 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at noon ET on Jan. 27.

Bank of America Merrill Lynch, RBC Capital Markets, SunTrust Robinson Humphrey Inc., Golub Capital and Antares Capital are leading the deal that will be used to refinance existing debt, to fund a dividend and for general corporate purposes.

Caliber Collision is a Lewisville, Texas-based operator of automotive collision repair centers.

Builders FirstSource launches

Builders FirstSource held its call in the morning, and the company launched to investors a repricing of its $468 million term loan B and an extension of the maturity to Feb. 29, 2024 from July 31, 2022, according to a market source.

Talk on the term loan B is Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, the source said.

The repricing will take the term loan B down from Libor plus 375 bps with a 1% Libor floor.

Deutsche Bank Securities Inc. is leading the deal.

Commitments are due at noon ET on Jan. 25 and a closing is expected on Feb. 23, the source added.

Builders FirstSource is a Dallas-based building materials manufacturer and supplier.

Acelity terms surface

Acelity launched on its lender call a $1,115,000,000 covenant-light term loan and a $225 million euro equivalent covenant-light term loan, both talked at Libor/Euribor plus 325 bps to 350 bps with a 1% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments for the U.S. term loan are due at 5 p.m. ET on Jan. 25, and commitments for the euro term loan are due on Jan. 26, the source added.

Bank of America Merrill Lynch is the left lead on the deal (B1) that will be used with some proceeds from the sale of the company’s LifeCell business to Allergan for $2.9 billion in cash to refinance existing term loans due in 2020 and 9.625% second-lien notes.

Acelity is a San Antonio-based advanced wound care and regenerative medicine company.

Continental Building repricing

Continental Building Products held its lender call, launching a repricing of its $274.3 million senior secured covenant-light term loan B due Aug. 18, 2023 that is talked at Libor plus 250 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Cashless roll commitments are due on Tuesday and new money commitments are due on Jan. 25, the source added.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will reprice the existing term loan down from Libor plus 275 bps with a 0.75% Libor floor.

Closing is expected in late February.

Continental Building is a Herndon, Va.-based manufacturer of wallboard and gypsum-based products.

Time Manufacturing details

Time Manufacturing launched at its bank meeting on Wednesday a $111 million credit facility, and set a commitment deadline for Feb. 1, a source said.

The facility consists of a $30 million five-year revolver and an $81 million six-year term loan talked at Libor plus 500 bps to 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source added.

BNP Paribas Securities Corp. is leading the deal that will be used with $38 million in privately placed mezzanine debt to fund the buyout of the company by the Sterling Group.

Time Manufacturing is a Waco, Texas-based aerial lift manufacturer.

Electrical floats OID

Electrical Components released original issue discount talk of 99.25 on its $135 million add-on term loan that launched with a call during the session, according to a market source.

Pricing on the term loan is Libor plus 475 bps with a 1% Libor floor.

Commitments are due on Jan. 26, the source said.

Bank of America Merrill Lynch is leading the deal that will be used to fund the acquisition of Fargo Assembly Co., a Fargo, N.D.-based supplier of wire harnesses to the motorcycle, agriculture, construction and specialty transportation end-markets.

Closing is expected this quarter.

Electrical Components, a portfolio company of KPS Capital Partners LP, is a St. Louis-based manufacturer of wire harnesses and provider of value-added assembly services for the home appliance industry.

Lionbridge timing emerges

Lionbridge set a bank meeting for 9:30 a.m. ET in New York on Friday to launch its previously announced $325 million senior secured credit facility, according to a market source.

The facility consists of a $40 million revolver, a $200 million seven-year first-lien term loan and an $85 million eight-year second-lien term loan.

Both term loans are talked with a 1% Libor floor, the first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Commitments are due at 5 p.m. ET on Feb. 3.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used with about $172 million in equity to fund the buyout of the company by H.I.G. Capital LLC for $5.75 per share in cash.

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

Lionbridge is a Waltham, Mass.-based provider of translation, online marketing, global content management and application testing solutions.

Pilot Travel on deck

Pilot Travel Centers emerged with plans to hold a lender call on Thursday to launch a repricing of its $1,166,000,000 term loan B due May 2023 that is talked at Libor plus 200 bps with no Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Jan. 26, the source said.

Wells Fargo Securities LLC is leading the deal that will reprice the existing term loan B down from Libor plus 275 bps with no Libor floor.

Pilot Travel is a Knoxville, Tenn.-based operator of travel centers and retailer of diesel fuel to the over-the-road market.

Ravago readies deal

Ravago scheduled a call for Thursday to launch a repricing of its $323 million covenant-light term loan B that is talked at Libor plus 325 bps with no floor, a par issue price and 101 soft call protection for six months, a source said.

Commitments are due on Jan. 26, the source added.

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

Ravago is a provider of distribution, resale, compounding and recycling service for plastic and elastomeric raw materials.

Telesat coming soon

Telesat Canada will hold a lender call on Thursday to launch a repricing of its $2.4 billion term loan B that is talked at Libor plus 325 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection through November 2017, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will reprice the existing term loan down from Libor plus 375 bps with a 0.75% Libor floor.

Existing lenders will get paid out at 101 with the repricing due to current call protection, the source added.

Telesat is an Ottawa-based fixed satellite services operator.

Koppers well met

In other news, Koppers Holdings Inc.’s $500 million five-year senior secured credit facility was well oversubscribed by its Tuesday commitment deadline, and the deal is expected to close at initial terms, a market source remarked.

The facility consists of a $300 million revolver and a $200 million term loan A, both priced at Libor plus 225 bps.

PNC Bank, Bank of America Merrill Lynch and Fifth Third Bank are leading the deal that will be used to refinance the company’s existing senior secured revolver and term loan due Aug. 15, 2019.

Koppers is a Pittsburgh-based provider of treated wood products, wood treatment chemicals and carbon compounds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.