Dole, Nuveen, Lineage Logistics, Bausch & Lomb, CDW, Truven, Wabash, CCM Merger break

By Sara Rosenberg

New York, April 25 - Dole Food Co. Inc., Nuveen Investments, Lineage Logistics LLC, Bausch & Lomb Inc., CDW LLC, Truven Health Analytics Inc., Wabash National Corp. and CCM Merger Inc. all made their way into the secondary market on Thursday.

Over in the primary, ThermaSys Corp. (API Heat Transfer Inc.) increased pricing on its term loan B, extended the call protection and beefed up amortization, and Cyanco Intermediate Corp. downsized its B loan and firmed pricing at the wide end of talk.

Also, Virtu Financial (VFH Parent LLC) upsized its add-on loan, Horseshoe Baltimore lifted the size of its term B while trimming the coupon and tightening the original issue discount, and TransFirst Holdings Inc. added a step-down to its deal.

Furthermore, Warner Music Group Corp., La Frontera Generation LLC and Orchard Brands talk came out with launch, and HCA Inc. is now marketing a new term loan B-5.

In addition, Learning Care Group Inc. released pricing guidance as ratings emerged, and Grohe Holding GmbH is planning to come to market with a repricing transaction.

Dole tops issue price

Dole Food's credit facility began trading on Thursday, with the $675 million term loan B quoted at par ½ bid, 101¼ offered, according to a market source.

Pricing on the B loan is Libor plus 275 basis points with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

During syndication, the term B was upsized from $500 million as a $125 million delayed-draw loan that was going to be used for general corporate purposes was eliminated, pricing was reduced from talk of Libor plus 300 bps to 325 bps, and the discount firmed at the tight end of the 99½ to par guidance.

The company's $825 million credit facility also includes a $150 million revolver.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Bank of America Merrill Lynch, Rabobank and Scotia Capital (USA) Inc. are leading the deal that will be used to refinance existing debt, and the incremental term loan borrowings raised through the upsizing will be used to add cash to the balance sheet.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

Nuveen starts trading

Nuveen Investments' $3.06 billion of loans freed up in the morning, with the $2.56 billion first-lien term loan due May 2017 quoted at par 3/8 bid, par 7/8 offered, and the $500 million second-lien term loan due February 2019 quoted at par ¾ bid, 101¾ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 400 bps with a step-down to Libor plus 375 bps when first-lien net leverage is at 4 times. The loan has no Libor floor and 101 soft call protection for six months, and was issued at par.

The second-lien term loan is priced at Libor plus 525 bps with a 1.25% Libor floor, and was issued at par. There is 101 hard call protection for one year.

During syndication, pricing on the first-lien loan was increased from Libor plus 375 bps and the step-down was added.

Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are leading the deal that will be used by the Chicago-based provider of investment services to reprice/refinance existing first- and second-lien term loans.

Lineage frees up

Lineage Logistics' $255 million six-year first-lien term loan (B3/B) emerged in the secondary market as well, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 350 bps with a 1% Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

Earlier this week, the term loan was upsized from $220 million, pricing was trimmed from Libor plus 400 bps, the discount was tightened from 99 and the call protection was shortened from one year.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., SunTrust Robinson Humphrey Inc. and KKR Capital Markets are leading the deal.

Proceeds from the original amount will be used to refinance existing debt, to fund acquisitions and for general corporate purposes, and of the excess raised through the term loan upsizing, $25 million will be used for general corporate purposes and $10 million will go into a restricted account to cash collateralize letters-of-credit, sources remarked.

Lineage Logistics is a Colton, Calif.-based cold storage warehousing and logistics company.

Bausch hits secondary

Bausch & Lomb's credit facility broke too, with the $1.92 billion U.S. term loan B and the $399 million delayed-draw term loan quoted at par ¾ bid, 101¾ offered, a trader remarked.

Pricing on the U.S. term loan B is Libor plus 300 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

The delayed-draw term loan is priced at Libor plus 325 bps with no floor, was issued at par and has 101 soft call protection for six months.

The company's roughly $3 billion credit facility also includes a €456.5 million term loan priced at Euribor plus 350 bps with a 1% floor and a $170 million revolver priced at Libor plus 275 bps with a 50 bps facility fee. The euro term loan has 101 soft call protection for six months.

All tranches have a 50 bps step-down when total net leverage is less than 4½ times. This step was revised from 25 bps during syndication.

Bausch repricing

Proceeds from Bausch & Lomb's credit facility will be used to reprice/refinance an existing U.S. term loan B from Libor plus 425 bps with a 1% floor, an existing euro term loan from Euribor plus 475 bps with a 1% floor, an existing delayed-draw term loan from Libor plus 375 bps with a 1% floor and an existing revolver from Libor plus 375 bps.

With the repricing, the maturity on the delayed-draw term loan is being extended by one year.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley Senior Funding Inc and UBS Securities LLC are the lead banks on the deal that has an effective date of May 20.

Bausch & Lomb is a Rochester, N.Y.-based maker of contact lenses, ophthalmic surgical devices and instruments and ophthalmic pharmaceuticals.

CDW levels emerge

CDW's $1.35 billion seven-year senior secured covenant-light term loan (Ba3/B+) freed up for trading, with levels quoted at par bid, par ¾ offered, according to a market source.

Pricing on the loan is Libor plus 250 bps with a 1% Libor floor, and it was sold at an original issue discount of 993/4. There is a pricing step-down to Libor plus 225 bps at 4 times net total leverage and 101 soft call protection for one year.

Recently, the discount was tightened from 991/2, the step-down was added and the call protection was extended from six months.

Barclays, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co., Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are leading the deal that will refinance the company's existing senior secured bank debt.

CDW is a Vernon Hills, Ill.-based provider of integrated information technology services.

Truven atop par

Truven Health Analytics' $535 million term loan B (B+) due May 2019 made its way into the secondary market in the afternoon, with levels seen at par ¼ bid, 101 offered, a trader said.

Pricing on the loan is Libor plus 325 bps with a step-down that was added during syndication to Libor plus 300 bps when consolidated total leverage is less than 5.5 times. The loan has a 1.25% Libor floor and 101 soft call protection for six months, and was issued at par.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance/reprice the existing term loan B.

Consolidated total leverage is about 6 times.

Truven is a provider of health care data and data analytics.

Wabash breaks

Another deal to start trading was Wabash National's $277 million term loan (pro forma size for a $20 million paydown that is happening with the repricing), with levels quoted at par ¼ bid, according to a market source.

Pricing on the loan is Libor plus 350 bps, after firming recently at the tight end of the Libor plus 350 bps to 375 bps talk. There is a 1% Libor floor and 101 soft call protection until May 2014, and the debt was issued at par.

Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor, and with the repricing, the company is removing an interest coverage covenant while keeping its leverage covenant.

Wabash is a Lafayette, Ind.-based manufacturer of semi-trailers.

CCM begins trading

CCM Merger's roughly $531 million term loan B hit the secondary, with levels quoted at 101¼ bid, 101¾ offered, a trader remarked.

Pricing on the loan is Libor plus 375 bps, after firming at the tight end of the Libor plus 375 bps to 400 bps talk. There is a 1.25% Libor floor and 101 soft call protection for one year, and it was issued at par.

Bank of America Merrill Lynch is leading the deal that is being used to reprice an existing term loan B from Libor plus 475 bps with a 1.25% Libor floor.

CCM is the owner of the MotorCity Casino Hotel in Detroit.

BWIC announced

In more secondary news, a $102.5 million Bid-Wanted-In-Competition surfaced, with market players being asked to get their bids in by 11 a.m. ET on Friday, a trader remarked.

Some of the larger pieces of debt being offered include iPayment Inc.'s term loan, Isle of Capri Casinos Inc.'s term loan, Lamar Media Corp.'s term loan B, Grosvenor Capital Management Holdings' extended term loan C, Sealed Air Corp.'s term A, CoreLogic Inc.'s term loan and Jarden Corp.'s term loan A-1.

There are about 29 issuers in the portfolio, the trader added.

ThermaSys revises deal

Moving to the primary, ThermaSys raised pricing on its $265 million six-year first-lien term loan B to Libor plus 400 bps from Libor plus 375 bps, extended the 101 soft call protection to one year from six months and revised amortization to 2.5% per annum from 1%, according to a market source.

The term B still has a 1.25% Libor floor and an original issue discount of 99.

UBS Investment Bank, RBC Capital Markets and GE Capital Markets are leading the $300 million credit facility (B1/B), which also includes a $35 million five-year revolver.

Proceeds will refinance existing debt and pay a dividend to shareholders.

The deal is expected to allocate and close on Monday, the source said.

ThermaSys is a Buffalo, N.Y.-based designer and manufacturer of specialty heat exchangers and heat transfer products.

Cyanco reworks loan

Cyanco Intermediate cut its seven-year term loan B to $350 million from $400 million, set the spread at Libor plus 450 bps, the wide end of the Libor plus 425 bps to 450 bps talk, and firmed the original issue discount at 99, the high end of the 99 to 99½ guidance, according to a market source.

The 1% Libor floor on the term loan B was unchanged.

Other changes made to the deal includes trimming the net first-lien incurrence ratio to 3.5 times from 4 times, eliminating the 18 month MFN sunset provision, reducing the net first-lien leverage ratios in all periods by 0.50 times and lowering the excess cash flow sweep net first-lien leverage step-down levels by 0.50 times for each level, the source said.

Recommitments for the company's now $365 million credit facility (B+), which also includes a $15 million five-year revolver, were due at the end of the day on Thursday.

Deutsche Bank Securities Inc., Jefferies Finance LLC and Macquarie Capital are leading the deal.

Proceeds will refinance existing debt and fund a dividend that was reduced to roughly $225 million from $260 million due to the term loan downsizing, the source added.

Cyanco is a Reno, Nev.-based supplier of sodium cyanide to the mining industry.

Virtu upsizes

Virtu Financial increased its add-on first-lien term loan due July 2016 to $150 million from $100 million, while keeping pricing at Libor plus 450 bps with a 1.25% Libor floor and an original issue discount of 993/4, according to a market source.

The add-on loan has 101 soft call protection through February 2014.

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

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

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

Horseshoe tweaks surface

Horseshoe Baltimore upsized its seven-year term loan B to $225 million from $215 million, reverse flexed pricing to Libor plus 700 bps from talk of Libor plus 725 bps to 750 bps and changed the original issue discount to 99 from the 98½ area, according to a market source.

As before, the B loan has a 1.25% Libor floor.

The company's now $340 million credit facility also includes a $10 million revolver (B3/B-), a $30 million furniture, fixtures and equipment (FF&E) term loan, a $37.5 million seven-year final maturity, delayed-draw for 12 months term loan (B3/B-), and a $37.5 million seven-year final maturity, delayed-draw for 18 months term loan (B3/B-).

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are leading the transaction.

Proceeds will fund the development of the Horseshoe Baltimore casino, which is a joint venture between Caesars Entertainment, Rock Gaming LLC, CVPR Gaming Holdings LLC, Stron-MD LP and PRT TWO LLC.

TransFirst adds step

TransFirst added a step-down to its $399 million first-lien term loan to Libor plus 325 bps when net total opco leverage is less than 5.5 times, according to a market source.

Initial pricing on the loan remained at Libor plus 350 bps with a 1.25% Libor floor and a par offer price, and there is still 101 soft call protection for six months.

Through the repricing, the company is taking the first-lien term loan down from Libor plus 500 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch, GE Capital Markets and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal and bookrunners with SunTrust Robinson Humphrey Inc., RBC Capital Markets, and Wells Fargo Securities LLC.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

Warner Music meeting

Also on the new deal front, Warner Music Group held a bank meeting on Thursday afternoon to kick off syndication on its $820 million seven-year first-lien delayed-draw covenant-light term loan (Ba3) that is being talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount 99½ and 101 soft call protection for six months, sources said.

Included in the deal is a ticking fee of a third of the spread from days 31 to 60, two thirds of the spread from days 61 to 90 and the full spread thereafter. There is no ticking fee for the first 30 days.

Also, the loan is split between a $710 million tranche and a $110 million tranche, which are expected to fund at different times due to timing of regulatory approvals, sources remarked.

Leda banks, Credit Suisse Securities (USA) LLC, Barclays, UBS Investment Bank, Macquarie and Nomura, are asking for commitments by Wednesday.

Warner buying Parlophone

Proceeds from Warner Music's term debt will fund the purchase of Parlophone Label Group from Universal Music Group for £487 million (around $765 million) in an all-cash transaction and for general corporate purposes.

Parlophone includes a range of recordings and classic and contemporary artists spanning a wide array of musical genres.

Closing is expected to occur mid-year, subject to regulatory approvals and a consultation procedure with employee representatives.

Warner Music is a New York-based music content company.

La Frontera pricing

La Frontera Generation launched its $1 billion term loan B with talk of Libor plus 400 bps with a 1% to 1.25% Libor floor and an original issue discount of 99, according to a market source.

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

Bank of America Merrill Lynch is the leading the deal that will be used to fund a dividend.

Orchard Brands guidance

Orchard Brands came out with talk on its $230 million of first- and second-lien term loans that were launched with a bank meeting in the afternoon, according to a market source.

The $180 million six-year first-lien term loan (B1) is talked at Libor plus 500 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

And, the $50 million 61/2-year second-lien term loan (Caa1) is talked at talked at Libor plus 875 bps to 900 bps with a 1.25% floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three, the source continued.

Jefferies Finance LLC and Credit Suisse Securities (USA) LLC are leading the refinancing deal, for which commitments are due on May 7.

The source said that the deal is already going well with a little more than 50% of it spoken for.

Leverage is about 3.5 times through the first-lien loan and 4.5 times total.

Orchard Brands is a Beverly, Mass.-based multi-channel marketer of apparel and home products.

HCA term B-5

HCA is looking to get a $2 billion term loan B-5 that is talked at Libor plus 275 bps with no Libor floor and a par offer price to replace its term loan B-2 that is priced at Libor plus 325 bps with no Libor floor, according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are leading the deal.

Commitments are due on Monday, the source added.

Earlier this week, the company allocated a $2,373,000,000 term loan B-4 that is priced at Libor plus 275 bps with no floor and was issued at par. That debt is being used to refinance a term loan B-3 priced at Libor plus 325 bps with no Libor floor.

HCA is a Nashville-based health care company.

Learning Care sets talk

Learning Care Group disclosed talk of Libor plus 450 bps to 475 bps with a 1.25% Libor floor and an original issue discount of 99 on its $220 million six-year term loan B as the debt received a Ba3 rating from Moody's Investors Service, according to sources.

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

Bank of America Merrill Lynch, BMO Capital Markets and Jefferies Finance LLC are leading the $260 million credit facility (Ba3/B), which also includes a $40 million five-year revolver.

Proceeds from the deal that launched with a bank meeting on Tuesday will be used to refinance existing senior secured notes due 2016.

Learning Care, a Novi, Mich.-based for-profit child care provider, is seeking loan commitments by May 2 and is targeting a closing date of May 6, sources added.

Grohe coming soon

Grohe will hold a call at 11 a.m. ET on Friday to launch U.S. and euro covenant-light term loans due May 2017 that are being led by Credit Suisse Securities (USA) LLC, according to a market source.

The debt includes a $255,072,500 tranche talked at Libor plus 400 bps and a €173,687,500 tranche talked at Euribor plus 425 bps, with both having a 1.25% floor, a par offer price and 101 repricing protection for six months, the source said.

Proceeds will be used to reprice existing U.S. and euro term loans from Libor/Euribor plus 550 bps.

Commitments are due on Wednesday, the source added.

Grohe is a Germany-based manufacturer of bathroom and kitchen fittings.

Emdeon closes

In other news, Emdeon Inc. completed its roughly $1.29 billion term loan (Ba3/BB-) that is priced at Libor plus 250 bps with a 1.25% Libor floor, according to an 8-K filed with the Securities and Exchange Commission. The debt was sold at an original issue discount of 99 7/8 and has 101 soft call protection for six months.

During syndication, pricing on the loan was trimmed from Libor plus 275 bps.

Bank of America Merrill Lynch, Barclays and Citigroup Global Markets Inc. led the deal that was used to reprice an existing term loan from Libor plus 375 bps with a 1.25% Libor floor.

Emdeon is a Nashville-based provider of revenue and payment cycle management and clinical information exchange services, connecting payers, providers and patients in the U.S. health care system.

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