Entegris, Fairmount, TransFirst, Mattress Holding break; SunGard, Cooper-Standard revise deals

By Sara Rosenberg

New York, March 25 - Entegris Inc. finalized pricing on its term loan B at the tight end of guidance and then it freed up for trading on Tuesday above its original issue discount price, and Fairmount Minerals Ltd., TransFirst Holdings Inc. and Mattress Holding Corp. emerged in the secondary as well.

In more loan happenings, SunGard Availability Services raised pricing on its term B and modified original issue discount talk, Cooper-Standard Automotive Inc. lowered the spread on its term loan, extended the call protection and accelerated the commitment deadline, and Flexera Software LLC revised the deadline on its deal.

Furthermore, Rexam Healthcare revealed term loan talk with its bank meeting, Nortek Inc. firmed up timing on the launch of its loan, and Twin River Management Group Inc. and Libbey Glass Inc. joined this week's calendar.

Entegris tops OID

Entegris set pricing on its $460 million seven-year covenant-light term loan B (Ba3/BB+) at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, while keeping the 0.75% Libor floor, original issue discount of 99½ and 101 soft call protection for six months unchanged, according to a market source.

With final terms in place, the B loan broke for trading on Tuesday and levels were seen at 99¾ bid, par ¼ offered, another source added.

The company's $545 million senior secured credit facility also includes an $85 million asset-based revolver.

Goldman Sachs Bank USA is leading the deal.

Entegris buying ATMI

Proceeds from Entegris' credit facility and $360 million of senior unsecured notes will fund the acquisition of ATMI Inc. for $1.15 billion, or $34 in cash per share.

Post-close, the company will have 3.3 times of total debt to 2013 pro forma EBITDA, or two times EBITDA on a net basis.

Closing is expected in the second quarter, subject to the regulatory and ATMI shareholders approvals, and other customary conditions.

Entegris is a Billerica, Mass.-based provider of products for purifying, protecting and transporting critical materials used in processing and manufacturing in semiconductor and other high-tech industries. ATMI is a Danbury, Conn.-based provider of specialty semiconductor materials, and safe, high-purity materials handling and delivery services.

Fairmount hits secondary

Fairmount Minerals' $324 million first-lien term loan B-1 due March 15, 2017 and $924 million first-lien term loan B-2 due Sept. 5, 2019 also began trading, with levels on both tranches quoted at par ½ bid, 101¼ offered, according to traders.

Both term loans are priced at Libor plus 350 bps and were issued at par. The B-1 has no floor and no call protection and the B-2 has a 1% Libor floor and 101 soft call protection for six months.

Barclays, KeyBanc Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC are leading the $1,248,000,000 debt that will be used to reprice the existing term loan B-1 from Libor plus 400 bps with no floor and the existing term loan B-2 from Libor plus 400 bps with a 1% Libor floor.

Fairmount Minerals is a Chesterland, Ohio-based producer of industrial sand.

TransFirst frees up

TransFirst's term loans broke as well, with the $396 million first-lien term loan quoted at par 1/8 bid and the $225 million second-lien term loan quoted at par ¼ bid, 101 offered, according to a trader.

Pricing on the first-lien loan is Libor plus 300 bps with a 1% Libor floor and it was issued at par. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 650 bps with a 1% Libor floor and was issued at a discount of 993/4. This debt has 101 hard call protection for 18 months.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing first-lien term loan from Libor plus 350 bps with a 1.25% Libor floor and an existing second-lien term loan from Libor plus 975 bps with a 1.25% Libor floor.

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

Mattress add-on trades

Mattress Holding's $100 million add-on term loan due Jan. 18, 2016 freed up for trading too, with levels quoted at par bid, par ¾ offered on the open and then it moved to par ¼ bid, par ¾ offered, a market source said.

Pricing on the add-on is Libor plus 350 bps with no Libor floor, in line with the existing term loan, and it was issued at par.

UBS Securities LLC is leading the deal that will be used to repay revolver borrowings and fund an acquisition.

Mattress Holding is a Houston-based mattress retailer.

SunGard adjusts pricing

Back in the primary, SunGard Availability Services raised the spread on its $1,025,000,000 five-year term loan to Libor plus 500 bps from Libor plus 450 bps and modified original issue discount talk to 99 to 99½ from just 991/2, according to a market source. The 1% Libor floor and 101 soft call protection for one year were unchanged.

The company's $1,275,000,000 credit facility (Ba3/BB-) also includes a $250 million revolver.

J.P. Morgan Securities LLC is the left lead on the deal that will be used with bonds to fund the company's spinoff from SunGard Data Systems Inc. to existing stockholders, including private equity owners.

Closing is expected as early as this quarter, subject to the satisfaction of various customary conditions, including the receipt of financing, opinions of counsel as to the tax-free nature of the split-off and related transactions, and final approval of SunGard's board of directors.

SunGard Availability Services is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

Cooper-Standard flexes

Cooper-Standard Automotive trimmed pricing on its $725 million seven-year covenant-light term loan B (BB-) to Libor plus 300 bps from Libor plus 350 bps, pushed out the 101 soft call protection to one year from six months and moved up the commitment deadline to noon ET on Thursday from Friday, according to a market source.

As before, the term loan has a 1% Libor floor and an original issue discount of 991/2.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC and UBS Securities LLC are leading the deal that will be used to refinance existing debt, including 8½% notes due 2018 and 7 3/8% PIK toggle notes due 2018.

Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.

Flexera shutting early

Flexera changed the commitment deadline on its $495 million credit facility to 5 p.m. ET on Wednesday from Friday, a market source said.

The facility consists of a $25 million five-year revolver (B1/B), a $345 million six-year first-lien term loan (B1/B) and a $125 million seven-year second-lien term loan (Caa1/CCC+).

Talk on the first-lien term loan is Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 725 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Jefferies Finance LLC, BMO Capital Markets Corp. and Bank of America Merrill Lynch are leading the deal that will be used to refinance existing debt and fund a dividend.

Flexera is a Schaumburg, Ill.-based provider of strategic application usage management services for application producers and their enterprise customers.

PQ adjusts call protection

PQ Corp. extended the 101 soft call protection on its $1,223,000,000 first-lien term loan due August 2017 to one year from six months, according to a market source.

Pricing on the loan is still Libor plus 300 bps with a 1% Libor floor and a par offer price.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are leading the deal that will be used to reprice an existing term loan from Libor plus 350 bps with a 1% Libor floor.

PQ is a Malvern, Pa.-based producer of specialty inorganic performance chemicals and catalysts.

Rexam discloses guidance

Also on the primary front, Rexam Healthcare held its bank meeting on Tuesday morning, launching its $380 million seven-year first-lien covenant-light term loan, of which $280 million will be in U.S. dollars and $100 million will be in the euro equivalent, at Libor/Euribor plus 375 bps to 400 bps with a 1% floor and an original issue discount of 99, according to a market source.

Meanwhile, the $175 million eight-year second-lien covenant-light term loan was launched with talk of Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 981/2, the source said.

As previously reported, the first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company's $620 million credit facility also includes a $65 million revolver.

Rexam lead banks

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Barclays and HSBC Securities (USA) Inc. are leading Rexam Healthcare's credit facility, with Credit Suisse on the left of the first-lien loan and Morgan Stanley on the left of the second-lien loan.

Commitments are due on April 8.

Proceeds will be used to help fund the buyout of the company by Montagu Private Equity from Rexam plc for $805 million, which is expected to close 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.

Nortek timing emerges

Nortek came out with an April 1 bank meeting date for its $350 million senior secured term loan that was previously labeled as early April business, according to a market source.

Wells Fargo Securities LLC, RBC Capital Markets and UBS Securities LLC are leading the deal that will be used with cash on hand to fund the acquisition of the heating, ventilation and air conditioning business of Thomas & Betts Corp. for $260 million and to refinance an existing $93 million term loan.

Closing is expected in the second quarter, subject to customary conditions including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Nortek is a Providence, R.I.-based manufacturer of air management and technology-driven products for residential and commercial applications.

Twin River readies call

Twin River Management Group set a call for 2 p.m. ET on Wednesday to launch a $520 million credit facility, according to a market source.

The facility consists of a $40 million five-year revolver and a $480 million seven-year covenant-light term loan B that has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading the deal for the owner and operator of casino resorts.

Proceeds 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, subject to adjustments, from Leucadia National Corp.

Closing is expected by June, subject to regulatory approvals.

Libbey Glass on deck

Libbey Glass scheduled a bank meeting for noon ET in New York on Wednesday to launch a new loan, according to a market source.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and Fifth Third Securities Inc. are leading the deal.

No further details on the transaction were available prior to press time.

Recently, the company announced plans to purchase up to $360 million of its 6 7/8% senior secured notes due 2020 in a tender offer that expires on April 8, and following completion of the tender offer, the company expects to redeem the remaining $45 million of the notes.

The tender offer is subject to the company getting new debt financing, the amending of, or the receipt of any required consents under, the existing amended and restated credit agreement, and other customary conditions.

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

RadNet closes

In other news, RadNet Inc. completed its $180 million seven-year second-lien covenant-light term loan (Caa1/CCC+) and $30 million tack-on first-lien term B (Ba3) due Oct. 10, 2018, a news release said.

Pricing on the second-lien term loan is Libor plus 700 bps with a 1% Libor floor and it was sold at an original issue discount of 99. The debt is non-callable for one year, then at 102 in year two and 101 in year three.

The add-on first-lien term loan is priced at Libor plus 325 bps with a 1% Libor floor and was sold at a discount of 991/2. There is 101 soft call protection for six months.

During syndication, the spread on the second-lien loan firmed at the wide end of the Libor plus 675 bps to 700 bps talk, and the issue price on the first-lien loan finalized at the low end of the 99¼ to 99½ talk.

RadNet repays debt

Proceeds from RadNet's term loans are being used to refinance $200 million of the company's 10 3/8% senior unsecured notes due 2018 and for general corporate purposes.

Barclays, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and GE Capital Markets led the deal.

First-lien leverage is 3.5 times and second-lien leverage is 5 times.

RadNet is a Los Angeles-based owner and operator of fixed-site diagnostic imaging centers.

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