ClubCorp, BRG Sports break; RegionalCare Hospital modifies deal; Avago accelerates deadline

By Sara Rosenberg

New York, April 9 - ClubCorp Club Operations Inc.'s add-on term loan B freed up for trading on Wednesday above its original issue discount price, and BRG Sports Inc. (Easton-Bell Sports Inc.) hit the secondary too.

Moving to the primary market, RegionalCare Hospital Partners (RCHP Inc.) upsized its first-lien term loan while setting pricing at the high end of talk and downsized its second-lien loan while increasing the spread. Avago Technologies Ltd. moved up the commitment deadline on its credit facility.

Also, Interactive Data Corp., Hearthside Group Holdings LLC, Stratus Technologies Inc., Campaign Monitor and Time Inc. released price talk on their deals, Sprint Industrial Holdings LLC original issue discount guidance emerged, and details on Numericable Group's new credit facility surfaced.

ClubCorp frees up

ClubCorp's $350 million add-on covenant-light term loan B (B1/B+) due July 24, 2020 began trading on Wednesday, with levels quoted at 99¾ bid, par ¼ offered, according to a trader.

Pricing on the loan, which was upsized earlier this week from $300 million, is Libor plus 300 bps with a 1% Libor floor, in line with the existing term loan. The debt was sold at an original issue discount of 99½ and has 101 soft call protection for six months.

Citigroup Global Markets Inc. is leading the deal that will be used to redeem about $270 million of the company's 10% senior notes due in 2018, and, as a result of the recent upsizing, for general corporate purposes.

Closing is expected on Friday.

ClubCorp is a Dallas-based owner and operator of golf courses, country clubs, private business and sports clubs, and resorts.

BRG hits secondary

BRG Sports' credit facility also broke, with both the $175 million seven-year first-lien term loan B and the $105 million eight-year second-lien term loan quoted at 98½ bid, 99½ offered, a trader said.

Pricing on the first-lien term loan is Libor plus 550 bps with a 1% Libor floor and it was sold at a discount of 98. There is hard call protection of 102 in year one and 101 in year two.

The second-lien loan is priced at Libor plus 925 bps with a 1% Libor floor and was sold at 971/2. This tranche is non-callable for one year, then at 102 in year two and 101 in year three.

During syndication, the first-lien term loan was downsized from $205 million, pricing was lifted from talk of Libor plus 475 bps to 500 bps, the discount was moved from 99, and call protection was sweetened from a 101 soft call for one year.

Also, the second-lien loan was flexed from talk of Libor plus 850 bps to 875 bps, the discount was revised from 98½ and the hard call protection was changed from 102 in year one and 101 in year two.

BRG getting revolver

Along with the first- and second-lien term loans, BRG Sports' $430 million senior credit facility also includes a $150 million five-year ABL revolver.

Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are leading the deal that will be used with asset sale proceeds to fund the repayment of senior secured notes due in 2016 and a holdco facility.

Upon completion of these transactions, Easton-Bell Sports will be renamed BRG Sports.

Closing is expected during the week of April 14.

BRG is a Van Nuys, Calif.-based designer, developer and marketer of sports equipment, protective products and related accessories.

RegionalCare reworks deal

Over in the primary, RegionalCare lifted its five-year first-lien term loan (B2/B+) to $275 million from $250 million and finalized pricing at Libor plus 500 bps, the wide end of the Libor plus 475 bps to 500 bps talk, according to a market source. The 1% Libor floor, original issue discount of 99 and 101 soft call protection for one year were unchanged.

Meanwhile, the 51/2-year second-lien term loan (Caa2/CCC+) was reduced to $215 million from $240 million and the spread was raised to Libor plus 950 bps from talk of Libor plus 850 bps to 875 bps, the source said. The 1% Libor floor, discount of 98½ and call protection of non-callable for one year, then at 102 in year two and 101 in year three remained intact.

The company's $575 million credit facility also includes an $85 million 41/2-year revolver (B2/B+).

UBS Securities LLC is leading the deal that is expected to allocate later this week.

Proceeds will be used by the Brentwood, Tenn.-based operator of general acute-care hospitals to refinance existing debt.

Avago shutting early

Avago Technologies accelerated the commitment deadline on its oversubscribed $5.1 billion credit facility (Ba1/BBB-/BBB-) to 5 p.m. ET on Friday from Tuesday, according to a market source.

The facility consists of a $500 million five-year revolver, and a $4.6 billion seven-year term loan B talked at Libor plus 325 bps with a 0.75% Libor floor, a discount of 99 and 101 soft call protection for six months.

Deutsche Bank Securities Inc., Barclays, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are leading the deal that will be used with $1 billion of cash and a $1 billion investment by Silver Lake Partners to fund the acquisition of LSI Corp. for $11.15 per share in an all-cash transaction valued at $6.6 billion.

Closing is expected in the first half of this year, subject to regulatory approvals in various jurisdictions, LSI stockholder approval and customary conditions.

Avago is a Singapore-based designer, developer and supplier of analog semiconductor devices. LSI is a San Jose, Calif.-based designer of semiconductors and software.

Interactive Data launches

Interactive Data held its bank meeting on Wednesday, launching its $2.05 billion seven-year covenant-light term loan with talk of Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

The company's $2.21 billion credit facility (B2/B+) also includes a $160 million five-year revolver.

Commitments are due on April 16, the source said.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, UBS Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Well Fargo Securities LLC are leading the deal that will be used to help refinance existing term loans, redeem 10¼% senior notes due 2018 and fund a roughly $273 million dividend to equity holders.

Interactive Data is a Bedford, Mass.-based provider of financial market data.

Hearthside reveals pricing

Hearthside Group launched with a bank meeting its $575 million seven-year covenant-light first-lien term loan with talk of 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, according to a market source.

The company's $675 million credit facility also includes a $100 million five-year revolver.

Commitments are due on April 22, the source said.

Barclays, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets are leading the deal that will help fund the buyout of the Downers Grove, Ill.-based bakery and contract food manufacturer by Goldman Sachs and Vestar Capital Partners from Wind Point Partners.

Leverage is 4.6 times on a senior secured basis and 6.7 times total, the source added.

Closing is expected in the second quarter.

Stratus holds meeting

Stratus Technologies held its afternoon bank meeting, and with the event, talk on its $225 million seven-year term loan B emerged at Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Commitments for the company's $245 million credit facility (B+), which also includes a $20 million revolver, are due on April 23, the source said.

SunTrust Robinson Humphrey Inc. and Macquarie Capital (USA) Inc. are leading the deal that will be used with equity to fund the roughly $352 million buyout of the company by Siris Capital Group LLC.

Closing is subject to customary conditions, including the receipt of shareholder and regulatory approvals.

Gross leverage is 4.2 times and net leverage is 3.8 times.

Stratus Technologies is a Maynard, Mass.-based provider of infrastructure-based services that keep applications running continuously.

Campaign discloses talk

Campaign Monitor came out with talk of Libor plus 475 bps to 500 bps with a 1% Libor floor and an original issue discount of 99 on its $160 million seven-year first-lien covenant-light term loan shortly before its morning bank meeting kicked off, a market source said.

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

Commitments for the company's $170 million credit facility, which also includes a $10 million five-year revolver, are due on April 23.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to help fund the buyout of the company by Insight Venture Partners.

Campaign Monitor is a SaaS email marketing platform.

Time guidance emerges

Time disclosed talk of Libor plus 275 bps to 300 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months on its $900 million seven-year covenant-light term loan B, according to a market source.

The term loan has a ticking fee of half the spread starting on day 46 and ending on the earlier of the closing date and June 30, the source said.

The company's $1.4 billion credit facility (Ba1/BBB-) also includes a $500 million five-year revolver.

A bank meeting to launch the deal took place on Tuesday, but price talk didn't come out until Wednesday morning as it was waiting on ratings, which didn't surface until late Tuesday, another source explained.

Time lead banks

Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading Time's credit facility.

Commitments are due on April 16, allocations are expected on April 16 or 17 and closing is targeted for the week of April 21, the source added.

Proceeds, along with a $500 million senior notes offering, will be used to fund the acquisition of Time Inc.'s U.K. publishing business, which is currently owned by a wholly owned subsidiary of Time Warner Inc., and to pay a special cash dividend to Time Warner Inc.

Time is a New York-based media company.

Sprint Industrial OID revealed

Sprint Industrial held its call on Wednesday, launching its $15 million add-on first-lien term loan (B+) with original issue discount talk of 993/4, a market source said.

As reported earlier, pricing on the add-on matches the existing term loan at Libor plus 575 bps with a 1.25% Libor floor.

Goldman Sachs Bank USA is leading the deal that will be used to fund an acquisition.

In connection with this transaction, the company is seeking an amendment to allow for the new debt and the acquisition.

Sprint Industrial is a Houston-based specialized industrial maintenance service provider offering both storage and safety equipment for rental.

Numericable readies deal

Numericable set a bank meetings for 10:30 a.m. GMT in London on Thursday and for 10 a.m. ET in New York on Friday to launch a €6.55 billion credit facility, according to a market source.

The facility consists of a €750 million five-year revolver at Numericable talked at Euribror plus 325 bps, a €200 million five-year revolver at Altice SA talked at Euribor plus 425 bps, a €3 billion U.S. dollar equivalent six-year covenant-light term loan B with 101 soft call protection for six months and a €2.6 billion six-year covenant-light term loan B with 101 soft call protection for six months, the source said.

Commitments are due on April 23 and allocations are expected on April 24.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the joint global coordinators on the deal, and joint bookrunners with Barclays, BNP Paribas Securities Corp., Credit Agricole, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and ING.

Numericable buying SFR

Proceeds from Numericable's credit facility will be used to help fund the acquisition of Société Française de Radiotéléphone SA (SFR) from Vivendi SA, to refinance existing Numericable debt and for general corporate purposes.

Under the agreement, Vivendi will receive €13.5 billion in cash and 20% of the combined SFR - Numericable Group as well as a potential earn-out of €750 million.

In addition, Prior to acquisition of SFR, Altice, a Luxembourg-based cable and telecommunications company, will acquire the 21.32% stake in Numericable owned by Carlyle Group and the 13.27% stake in Numericable owned by Cinven in return for a combination of cash and Altice shares. Altice will hold ultimately 60% of the new entity, with the final 20% as the free-float.

Numericable is a France-based cable operator. SFR is a France-based telecommunications company.

Libbey closes

In other news, Libbey Glass Inc. completed its $440 million seven-year senior secured covenant-light term loan B that is priced at Libor plus 300 bps with a 0.75% Libor floor, a news release said. The debt was sold at a discount of 99¾ and has 101 soft call protection for six months.

During syndication, the spread was reduced from Libor plus 325 bps, the Libor floor was cut from 1% and the discount was tightened from 991/2.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and Fifth Third Securities Inc. led the deal that was used to buy back 6 7/8% senior secured notes due 2020.

The company also amended its existing revolver, extending the maturity to April 9, 2019, reducing the commitment fee to 25 bps and modifying some payment restrictions and permitted debt terms.

Libbey is a Toledo, Ohio-based manufacturer of glass tableware.

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