Twin River, Rexam Healthcare, FTS, Energy Transfer break; Datapipe revisions surface

By Sara Rosenberg

New York, April 11 - Twin River Management Group Inc.'s credit facility freed up for trading on Friday, with the term loan quoted above its original issue discount price, and Rexam Healthcare, FTS International Inc. and Energy Transfer Equity LP broke as well.

Switching to the primary market, Datapipe Inc. widened price talk on its first- and second-lien term loans, and Totes Isotoner and M/A-COM Technology Solutions Inc. emerged with new deal plans.

Twin River starts trading

Twin River Management Group's credit facility broke on Friday, with the $480 million six-year covenant-light term loan B seen at 99¼ bid, 99¾ offered, according to a market source.

Pricing on the term loan is Libor plus 425 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year and a ticking fee of half the spread from days 46 to 75 and the full spread thereafter.

During syndication, the spread on term loan was lifted from Libor plus 375 bps, the discount was moved from 991/2, the call protection was extended from six months, the maturity was shortened from seven years and the ticking fee was adjusted from just half the drawn spread starting on day 46.

Twin River getting revolver

In addition to the term loan B, Twin River's $520 million credit facility (B1/BB-) includes a $40 million five-year revolver.

The transaction must close by July 31.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading the deal that will be used to refinance an existing term loan and fund the acquisition of the Hard Rock Hotel & Casino in Biloxi, Miss., for $250 million from Leucadia National Corp.

Twin River is an owner and operator of casino resorts.

Rexam hits secondary

Rexam Healthcare's credit facility freed up as well, with the $415 million seven-year first-lien covenant-light term loan quoted at 99¾ bid, par ¼ offered and the $140 million eight-year second-lien covenant-light term loan quoted at 99¼ bid, par ¼ offered, according to a trader.

Pricing on the first-lien term loan, which is split between a $315 million U.S. tranche and a $100 million euro-equivalent tranche, is Libor/Euribor plus 325 bps with a 1% floor and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

The second-lien loan is priced at Libor plus 700 bps with a 1% Libor floor and was sold at 99. This debt has call protection of 102 in year one and 101 in year two.

During syndication, the U.S. first-lien term loan was upsized from $280 million, pricing was trimmed from talk of Libor/Euribor plus 375 bps to 400 bps and the discount was revised from 99, and the second-lien loan was reduced from $175 million, pricing was cut from talk of Libor plus 775 bps to 800 bps and the discount was tightened from 981/2.

Rexam being acquired

Proceeds from Rexam Healthcare's $620 million credit facility, which also includes a $65 million revolver, will be used to help fund its $805 million acquisition by Montagu Private Equity from Rexam plc.

Credit Suisse Securities (USA) LLC (left on first-lien), Morgan Stanley Senior Funding Inc. (left on second-lien), Barclays and HSBC Securities (USA) Inc. are leading the deal.

Closing is expected by mid-year, subject to consultation with various European works councils and necessary regulatory approvals.

Rexam Healthcare is a manufacturer of plastic packaging for the health care industry.

FTS frees up

FTS International's $550 million covenant-light term loan B began trading too, with levels quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the loan is Libor plus 475 bps with a 1% Libor floor and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

Recently pricing on the term loan was reduced from Libor plus 500 bps and the original issue discount was tightened from 99.

Wells Fargo Securities LLC, Bank of America Merrill Lynch and UBS Securities LLC are leading the deal that will be used to refinance an existing term loan.

FTS International is a Fort Worth, Texas-based provider of well completion services, including pressure pumping, wireline and water management, for the oil and gas industry.

Energy Transfer breaks

Another deal to emerge in the secondary was Energy Transfer Equity's fungible $400 million first-lien tack-on term loan (NA/NA/BB+) due December 2019, with levels seen at 99 bid, 99 ½ offered, a trader said.

Pricing on the term loan is Libor plus 250 bps with a 0.75% Libor floor and there is 101 soft call protection through June 2014 - all in line with the existing term loan. The tack-on was sold at a discount of 99.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay revolver borrowings and for general corporate purposes.

Energy Transfer is a Dallas-based midstream oil and gas company.

Datapipe flexes

Moving to the primary, Datapipe lifted pricing on its $225 million five-year first-lien term loan (B), which includes a $25 million add-on, to Libor plus 425 bps from Libor plus 375 bps to 400 bps, and kept the 1% Libor floor, original issue discount of 99½ on the add-on, par offer price on the existing amount and 101 soft call protection for six months intact, a market source said.

Also, price talk on the $85 million 51/2-year second-lien term loan (CCC+) was changed to Libor plus 725 bps to 750 bps from Libor plus 675 bps to 700 bps, the source continued. This tranche still has a 1% Libor floor, a par offer price and 101 hard call protection for one year.

Additionally, the first- and second-lien term loans are now keeping the financial maintenance covenants, the source added.

Datapipe lead banks

Morgan Stanley Senior Funding Inc. and TD Securities (USA) LLC are Datapipe's $365 million senior secured credit facility, which also provides for a $55 million four-year first-lien revolver (B) that includes a $15 million add-on.

Proceeds will be used to refinance revolver borrowings, to reprice the existing first-lien term loan B and second-lien term loan and for general corporate purposes.

Datapipe is a Jersey City, N.J.-based company that offers IT services.

Totes readies loan

Totes Isotoner is set to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $245 million seven-year first-lien covenant-light term loan that has 101 soft call protection for six months, according to a market source.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Golub Capital are leading the deal for which commitments are due on April 28.

The company is also getting a $100 million ABL revolver led by Wells Fargo Securities LLC and an $80 million second-lien term loan that has already been placed, the source said.

Proceeds will be used to help fund the buyout of the designer, distributor and retailer of branded accessories by Freeman Spogli & Co. and Investcorp from MidOcean Partners.

M/A-COM on deck

M/A-COM Technology Solutions will hold a bank meeting on Tuesday to launch a $350 million term loan, according to a market source.

Goldman Sachs Bank USA, RBS Citizens and Bank of America Merrill Lynch are leading the deal that will be used to refinance existing debt.

M/A-COM is a Lowell, Mass.-based supplier of high performance analog RF, microwave, and millimeter wave products that enable next-generation Internet and modern battlefield applications.

ClubCorp closes

In other news, ClubCorp Club Operations Inc. completed its $350 million add-on covenant-light term loan B (B1/B+) due July 24, 2020, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the loan, which was upsized during syndication 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. led the deal that is being used to redeem about $270 million of the company's 10% senior notes due in 2018, and, as a result of the upsizing, for general corporate purposes.

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

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